Australia's economy is limping along on at its slowest pace since the 1990s recession excluding the pandemic and only held up by government spending, according the latest GDP figures out this lunchtime. The National Accounts reveal an economy on life support as aggressive interest rate rises and the high cost of living bite into business and consumer spending.

The board of the $94 billion CBUS industry superannuation fund has been told to improve its governance and to demonstrate its "partnership" payments to the Construction, Forestry and Maritime Employees Union are in the best interests of its members. The investigation was triggered after serious allegations about misconduct by board members, who are affiliated with the rogue construction union.

Reserve Bank governor Michele Bullock has warned underlying inflation is still too high to consider interest rate cuts. Also, insurance giant IAG has swallowed up the insurance arm of Queensland icon RACQ in a deal worth $855 million. But IAG boss Nick Hawkins tells ABC’s Peter Ryan the RACQ brand will be maintained and there’ll be no job cuts.

Inflation remains stubborn in the United States, with a monthly indicator showing consumer prices rose slightly in October. With inflation still above the US Federal Reserve’s inflation target of 2 per cent, economists are betting the pace of US rate cuts in 2025 will be slower than expected. Also, Donald Trump nominates China hawk Jamieson Greer to be US Trade Secretary to enforce his planned tariffs on Canada, Mexico and China.

The Albanese government is being warned to resist a pre-election cash splash amid forecasts that the budget bottom line is facing its worst deterioration on record - excluding the pandemic.The latest budget monitor from Deloitte Access Economics warns the federal government can no longer rely on previous windfalls from the commodities boom to protect the budget bottom line.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Stephen Smith, partner, Deloitte Access Economics

Keywords:

Australia's Future Fund - a public wealth fund set up nearly 20 years ago by the federal government -is getting a big shakeup. It's board has been given a new directive to focus on the Albanese government's priority projects of housing, renewable energy and infrastructure. But what are the risks that politics could erode the Fund's independence? Peter Ryan explains.

Australian businesses are failing at the fastest rate since the pandemic as painfully high interest rates take their toll, according to the credit reference agency CreditorWatch. The insolvencies are being exacerbated as the Australian Taxation Office attempts to recover $35 billion in outstanding debt, with the 29,000 businesses owing an average $100,000.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Ivan Colhoun, chief economist, Creditwatch

Keywords:

The Business Council of Australia is warning that Australia's living standards will plunge in the years ahead unless the federal government tackles stalled productivity.

And Woolworths is grilled at the ACCC’s supermarket inquiry about whether it uses “land banking” to stymie competition.

National Australia Bank is being sued for allegedly failing to help 345 customers in financial distress. Corporate regulator ASIC claims the bank didn't respond to hardship applications before a 21 day deadline. ASIC chairman Joe Longo speaks with ABC's Peter Ryan.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Joe Longo, ASIC chairman

Keywords:

The head of the industry superannuation giant CBUS has apologised for delayed payouts for around 10,000 customers making death and disability claims. Chief executive Kristian Fok made a last minute appearance before a senate committee which is putting Australia's $3.9 trillion superannuation system under the microscope.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Kristian Fok, CBUS chief executive; Andrew Bragg, liberal senator