The contractor that Cbus allegedly blamed for delays in paying out death and disability claims has thrown its support behind the corporation.

Australian Administration Services, a subsidiary of MUFG Retirement Solutions, said in a statement:

“As one of a number of stakeholders involved in the insurance and claims process, we will support Cbus as required to respond to the proceedings.

“We will not provide public comments on the matter at this stage out of respect for the legal process.”

The newly-installed chief executive of Optus has promised to weed out and sack staff who fail to meet the telco’s ethical and legal standards.

Stephen Rue – the former boss of the NBN Company – inherits a reputational and legal crisis after Optus sales staff in Darwin and Mount Isa were accused of exploiting indigenous Australians and people with disabilities .. selling them mobile gear they didn’t want, didn’t need and couldn’t afford.

Optus has apologised, sacked the staff in question and pledged to compensate customers after the A-triple-C revealed the explosive the evidence a fortnight ago.

Stephen Rue gave his first broadcast interview as Optus chief executive to the ABC’s senior business correspondent Peter Ryan.

Orica’s full-year results show a +15% increase in earnings before interest and tax, reaching $806 million compared to the previous year.

The explosives manufacturer reported a statutory net profit of $525 million and declared an unfranked final dividend of 28 cents per share.

Chief executive Sanjeev Gandhi highlighted in an ASX announcement the growing demand for Orica’s technology and chemicals.

“Despite challenges from inflation, rising energy costs, and geopolitical risks, this year’s performance reflects our resilience and adaptability in navigating ongoing macroeconomic and geopolitical pressures,” Mr Gandhi said.

Donald Trump started naming key players for his new administration this week including Elon Musk who will lead a new government efficiency department to cut spending costs.

Another name in the ring is political legacy figure Robert F Kennedy Jr — while a new role for Kennedy hasn’t been officially announced, it’s expected (and he has said) that he will head several public health agencies.

The ABC’s rural reporter Matt Brann looked into what a Kennedy Jr-led health department could mean for Australia.

US-based agricultural analyst Brett Stuart said RFK had some “wild ideas when it came to food” which was “more than a little unsettling”. 

“It will be interesting to see how this all plays out … but I think the average American farmer is going to have some concerns, especially if they farm things like soybeans or corn,” he said.

Grains analyst Andrew Whitelaw said a lot of his views echoed the policies of the Australian Greens.

“Years ago he was on a legal team suing Monsanto for allegations of health concerns related to glyphosate … and a lot of what he’s talking about now sits more in line with Greens policies than traditional right or centre-right politics.”

Mr Whitelaw said a lot of RFK’s views on chemicals could have a negative impact on crop yields if implemented and would likely be unpopular with most US farmers.

CBA analyst Dennis Voznesenski said RFK’s negative view on agrochemicals could have global ramifications.

“A reduction in output would benefit demand for Australian crops.”

On Wednesday, new data showed wages are growing at their slowest annual pace since December 2022.

ABC political reporter Tom Crowley wrote some analysis on what this means for the government in the context of next year’s election.

If you’ve been affected by lengthy delays in accessing your loved one’s super and want to tell your story, get in touch with the ABC’s business team at clayton.rachel@abc.net.au

A union and a human rights lawyer are calling for better pathways to make reporting easier for migrant women, visa protections, and stronger laws requiring workplaces to try and prevent their staff facing sexual harassment.

The calls come after a damning survey of more than 3,000 migrant women found 51 per cent have experienced workplace sexual harassment.

Three in four of those women did not report the sexual harassment to anyone, over fears about jeopardising their immigration status or being punished.

The full story from reporter Bronwyn Herbert:

In his speech opening the ASIC annual forum in Sydney later this morning, the organisation’s chair Joe Longo will announce a task force to review how the corporate regulator applies the tapestry of different laws governing business and the financial sector.

In an advanced copy seen by the ABC, Mr Longo will say, while well intended, each new legislative reform adds to a “dizzying web” of interconnections that is getting harder for consumers, businesses, regulators, lawyers and even judges to interpret.

“It’s meant to solve a real and present problem at a particular time. But, done in isolation, short term, reactive and specific legislative threads woven together can look less like an elegant tapestry and more like a painting by Jackson Pollock,” he will tell the gathering of fellow regulators, policymakers, think tanks, business leaders and the financial media.

Mr Longo will suggest part of the solution is a “Simplification Consultative Group” made up of key consumer advocates, business leaders, company directors and industry groups to advise ASIC on how it can more efficiently and effectively administer the law.

Ultimately, Mr Longo hopes the group will also provide insights and recommendations for broader reform.

“As a regulator, our experience is that simplicity means enforceability. That’s good for consumers and investors – they get justice and outcomes – and it’s good for businesses, who get clarity about what’s required of them,” he argues.

The ABC’s business editor Michael Janda is attending the ASIC forum and will have live updates on what’s happening in the blog today and tomorrow morning.

A Senate Economics References Committee will question the practices of major superannuation funds this morning.

Here’s the line up:

10am: Mary Delahunty, CEO of the Association of Superannuation Funds of Australia

Super Members Council chief executive Misha Schubert

10:30am: Cbus Super chief executive Kristian Fok

11am: Hesta head of portfolio management Jeff Brunton

11:20am: Australian Super chief strategy officer Paula Benson

11:40am: Aware Super chief investment officer Damien Graham

You can tune in live from 10am here:

In case you missed it … corporate regulator ASIC is taking industry superannuation fund Cbus to court for failing to process more than 10,000 death and disability claims in a reasonable timeframe.

ASIC is alleging that payments of more than 6,000 of those claims have been delayed by more than a year, and some are yet to be completely rectified.

ASIC says the financial loss to members could top $20 million. Cbus said it will ask ASIC to engage in alternative dispute resolution to avoid lengthy litigation.

The regulator suspects the issue could be widespread and is doing a “deep dive” into the industry to check.

Check out last night’s story on The Business from reporter Dan Ziffer: 

Good morning and welcome to the ABC’s markets live blog where we’ll bring you the latest business action and news from Australia and overseas.

Today all eyes will be on superannuation funds as Cbus, HESTA, Australian Super and Aware face a Senate committee at Parliament House.

Overnight, Wall Street edged ever so slightly higher, likely to be reflected in the ASX at the open.

The Dow was up +0.32%, the Nasdaq +0.2%, and the S&P 500 slightly higher at +0.3%.

Bitcoin has surged almost +3% to $US90,764.

ASX futures were up +0.2% to 8,245 at 7am AEDT.

The Australian dollar was down -0.8% to 64.83 US cents.

Iron ore was flat at $US100.55 a tonne.

And oil rose +0.3% trading at $US72.08 a barrel.