Your noon Briefing: RBA governor ‘appalled at behaviour’ of banks

Welcome to your noon digest of what’s been making news and what to watch for.

Hello readers. Here is your noon roundup of today’s top stories and a long read for lunchtime.

Governor of the Reserve Bank of Australia, Philip Lowe, addresses the Australian Financial Review BHP Business Summit in Sydney, Wednesday, March, 7, 2018. (AAP Image/Dean Lewins) NO ARCHIVING

Lowe’s blow

RBA Governor Phillip Lowe says he has been “incredibly disappointed” and “appalled” by the conduct of the nation’s banks exposed in the banking royal commission. Dr Lowe told the House of Representatives economics committee today that the royal commission had highlighted deficiencies of trust, customer service and risk management in the conduct of the banks.

Meanwhile, APRA watched CBA flout super rules for three and half years but took no legal action. Keep up with the latest from the inquiry in our live blog.

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PM Malcolm Turnbull, Christopher Pyne and Marise Payne at Enoggera . Pic Annette Dew

‘Cabinet backs PM’

Christopher Pyne has declared the cabinet is “100 per cent behind” Malcolm Turnbull, amid speculation Peter Dutton is being encouraged by conservative MPs to mount a leadership challenge over the split on the national energy guarantee. Mr Pyne said there was a “lot of hyperventilating going on” in relation to leadership speculation, but insisted that Mr Turnbull’s position was not under threat.

“Peter Dutton hasn’t said that he’s going to resign over the NEG. He’s said he does support the government’s policy and the cabinet is 100 per cent united behind Malcolm Turnbull.”

Christopher Pyne

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airplane on silhouette flying under a menacing sky. overlay texture grunge

Bomb threats ground planes

Five planes have made safe emergency landings after a series of bomb threats. Four of the planes made landings in South America after a string of bomb threats to the Chilean Civil Aviation Authority, touching down in Chile and Peru. Two of the planes were operated by LATAM Airlines and two by Sky, a low-cost Chilean airline, the aviation authority said. Earlier, a German passenger jet carrying 250 people was forced to make an emergency landing on the Greek island of Crete Thursday after a bomb scare, local police said.

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DEAL-20180817 EMBARGO FOR THE DEAL 17 AUG 2018NO REUSE WITHOUT PERMISSION25/07/18 Paul Little and his wife Jane Hansen in their Toorak home for THE DEAL magazine. Aaron Francis/The Australian

The long read: Give it away

The most fascinating, high-achieving husband and wife team in Australian business show us how to spend. In The Deal, out today, Chip le Grand meets Paul Little and Jane Hansen to learn about the fine art of giving it away.

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Comment of the day

“Had to wait for an hour at Heathrow? And it’s because she’s black? Really? I’m of 100pc British ancestry and wait just as long and get quizzed as to why I’m coming to the UK.”

Bruce, in response to ‘Yassmin humiliated at border’.