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Business failures surged to a record high in the past financial year as deteriorating economic conditions combined with rising operating expenses forced many companies to close for good amid the threat of a rate hike when the Reserve Bank meets next month.

Meanwhile, Shayne Elliott’s succession plans have been thrown into disarray as ANZ grapples with multiple investigations into its trading division, with the long-serving CEO now likely to push to stay on for at least six to 12 months longer than planned to get the lender through its latest scandal.

And Macquarie Group chairman Glenn Stevens says the company is “standing aside” from the national debate on nuclear energy, as it committed to pursuing existing renewable energy sources and potential solutions including green hydrogen.