Good morning,

Outgoing Woolworths CEO Brad Banducci will leave successor Amanda Bardwell a huge challenge as he admits arch rival Coles "out-traded" his chain during the March quarter, widening the gulf between the two supermarket giants.

National Australia Bank's new boss Andrew Irvine says Australians can withstand another rate rise with the economy proving surprisingly resilient as business spending and investment exceeds expectations.

Disgruntled investors stripped half a billion dollars from Bapcor's market value in one day and analysts warn the worst could be yet to come for the beleaguered auto accessories retailer.

Five things to know this morning

1. The local sharemarket is expected to rise as tech stocks lift Wall Street before Apple's earnings, due after the bell in New York.
2. Rio Tinto executives have remained tight-lipped on whether the mining giant would make a rival bid for Anglo American, as the company faced fresh questions about its relationships with traditional owners in the Pilbara at its annual shareholder meeting in Brisbane.
3. Wesfarmers CEO Rob Scott says sticky inflation and fresh chatter about a potential rate hike are prompting consumers to rein in spending at the nation’s tills. 
4. Bonza customers have been told there won’t be any flights until next Wednesday at the earliest as negotiations continue over the airline’s grounded fleet. 
5. Snowy Hydro’s tunnel boring machine Florence is inching forward but remains behind the average pace it needs to meet to complete a crucial tunnel on time.