Finance minister Katy Gallagher has branded pressure from The Greens to force a Reserve Bank interest rate cut as "economically irresponsible". As the Reserve Bank board prepares for a two day meeting, Greens treasury spokesman Nick McKim says Treasurer Jim Chalmers should intervene with a never-used power to force a rate cut - a move that Senator Gallagher says would undermine RBA independence.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Katy Gallagher, Finance Minister

This time yesterday, there was high excitement about a supersized interest rate cut in the United States.

One of the big questions is whether that half a percentage point reduction would influence Australia's Reserve Bank to do the same.

Unfortunately the news isn't good for anyone holding out for relief on their mortgage repayments.

The US Federal Reserve has slashed interest rates by half a percentage point amid concerns that the world's biggest economy might be headed towards a recession. Anthony Albanese has hosed down hopes for a rate cut in Australia saying the US is cutting from higher levels. Federal Reserve chairman Jerome Powell says the looming presidential election played no role in rate cut considerations.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Jerome Powell, chairman, US Federal Reserve; Jeremy Gundlach, investor; Donald Trump, US presidential candidate; Anthony Albanese, Prime Minister

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In a move that could influence other central banks around the world, the US Federal Reserve has cut interest rates by a larger-than-usual half a percentage point. Federal Reserve chairman Jerome Powell says the US economy remains strong, but he's flagged the likehood of more rate cuts to protect the softening US jobs market amid fears about a recession by the end of the year. Reporter: Peter Ryan, Senior Business Correspondent Featured: Jerome Powell, chairman, US Federal Reserve Keywords:

It seems the short-lived love affair between the Prime Minister and big business has come to an abrupt end. The Business Council has told Anthony Albanese that making profits shouldn't be "taboo" and that business shouldn't be a scapegoats for the government's current economic woes.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Geoff Culbert, Business Council president; Anthony Albanese, Prime Minister; Warren Hogan, economist

It's becoming abundantly clear that the short-lived love affair between the Prime Minister and big business has come to an abrupt end.

Mr Albanese copped more than a few swipes at last night's Business Council fo Australia annual dinner in Sydney.

BCA president Geoff Culbert says success and making a profit appears to be "taboo" and that business shouldn't be a scapegoat for some of Mr Albanese's economic woes.

Prime Minister Anthony Albanese is bracing for a most likely frosty reception when he catches up with top business chiefs this evening with many upset about his government's economic policies.

The Business Council of Australia appears to be losing patience and is campaigning hard ahead of next year's federal election.

There'll be massive attention on the US Federal Reserve later this week and the near-certainty of an interest rate cut.

The big question is whether this will be a 0.25 percent point cut, or a supersized 0.5 percent point reduction given rising fears about a recession in the US by the end of the year.

Australia's banks and telcos have welcomed proposed tough new lews to crack down on the scourge of scams.The legislation if passed will put greater pressure on banks, telcos and tech giants to shield consumers from criminal gangs that have been fleecing consumers of billions of dollars thorugh predatory texts and email messages.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Ilya Fomin, scams victim; Stephen Jones, financial services minister; Anna Bligh, Australian Banking Association

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The momentum for global interest rate cuts has picked up with the European Central Bank the latest to move lower.

The ECB's decision is the backdrop to a bigger excitement about rate cuts - with the US Federal Reserve almost certain to deliver long awaited rates relief next week.