Good morning,

The federal government must regulate social media giants such as Facebook if they don't do more to crack down on financial scams on their sites, Westpac boss Peter King will tell a parliamentary committee in Canberra today.

Meanwhile, households in NSW, Victoria and South Australia face a potential multi-year threat of power shortages from this summer, with authorities saying that major ­reliability risks could derail the electricity grid unless new energy supplies are urgently developed.

And the economic 'horror show' confronting retailers won't end until at least next year, according to Deloitte analysts who warn the country is in the midst of a retail recession as consumers cut back on spending due to mortgage rates and inflationary pressures.