Received

Richmond triple-premiership coach Damien Hardwick has made a shock decision to quit the AFL club with one-and-a-half years left on his contract, his status as a Tigers legend assured.

The exact reasons behind Hardwick's decision are unclear, although general burnout is understood to be a factor.

The 50-year-old, a veteran of 307 games at the helm, will address the issue at a press conference on Tuesday.

Hardwick will go down as one of Richmond's all-time greats, having led the club to premierships in 2017, 2019 and 2020 - the first of those triumphs ending a 37-year drought.

That success was crucial to the Tigers restoring their status as a competition heavyweight on and off the field.

But they look unlikely to play finals this season, with just three wins and a draw from the opening 10 rounds, and critics have called an end to the Tigers' golden era.

Hardwick gave no indication he was close to the end of his tenure when he spoke after the narrow loss to Essendon on Saturday night.

"We should be better than where we're positioned on the ladder," Hardwick said after the one-point defeat.

"I have to take some responsibility for that, but as a playing group we do have to also.

"We've got to get to work - the season's still alive."

It is unclear whether Hardwick will leave his post immediately or coach Richmond against Port Adelaide on Sunday.

Collingwood coach Craig McRae, who worked as an assistant to Hardwick at Richmond from the end of 2016 to 2020, said he was "shocked" upon hearing the news his former mentor had quit.

"Having worked with 'Dimma' (Hardwick), he's an incredible coach," McRae said.

"He's his own person and I'm sure the Richmond footy club will salute him well if it is the case."

Appearing on Fox Footy on Monday night, McRae and Adelaide counterpart Matthew Nicks agreed the pressure on senior AFL coaches was immense.

"It's a tough job. I'm not going to lie to you, it's relentless," McRae said.

"You've got to find the balance and he (Hardwick) has done it a long time."

A former hard-nosed defender who won premierships with Essendon (2000) and Port Adelaide (2004), Hardwick took over as coach of Richmond in 2010.

The Tigers won just six games in his first season at the helm and endured three consecutive elimination final defeats between 2013-15 before missing the finals in 2016.

There was huge pressure on Richmond and Hardwick at the end of that season but club powerbrokers resisted the urge to make a change and the decision paid huge dividends.

Hardwick steered the Tigers to a history-making premiership in 2017, the first of three in four seasons.

But they have played just one final since then; an elimination defeat to Brisbane last year.

Hardwick's career coaching record stands at 170-6-131.

He is Richmond's longest-serving coach and sits 22nd for the most AFL/VFL games coached in competition history.

Hardwick's bombshell decision will have a flow-on effect in the AFL coaching landscape.

Port Adelaide's Ken Hinkley is out of contract at the end of this season, West Coast's Adam Simpson is under mounting pressure after a horror run and Stuart Dew can hardly afford another year without September action at Gold Coast.

There is also doubt over Alastair Clarkson, who is taking indefinite leave from North Melbourne.

© AAP 2023

Most workers are likely to keep their jobs despite the economy sinking into a stretch of slowing growth.

Like most advanced economies, the pandemic recovery has fuelled exceptional competitiveness in the jobs market.

Treasury analysis of jobs data shows 333,000 more Australians were employed in April 2023 compared to when Labor took office in May 2022.

It was the second-highest increase on record.

"Jobs growth is faster than the major advanced economies and we're seeing the beginnings of welcome wages growth," Treasurer Jim Chalmers said while promoting the government's economic record after one year in office.

HSBC chief economist Paul Bloxham said the pick up in wages growth was "comparatively tame" given the state of the jobs market.

Wages were up 3.75 per cent in the 12 months to March, up from the normal pre-pandemic level of around two per cent.

"The pick up has lifted wages growth from rates that are below what is consistent with the RBA's two-three per cent inflation target, to the three to four per cent rates that are typically in line with it," Mr Bloxham wrote in a report.

This assumes productivity growth stays around its pre-pandemic average of one per cent year on year.

He said the lack of churn in the jobs market was likely holding back wages, with workers typically cinching higher pay when they change jobs.

"Tame wages growth may reflect that job market churn is still fairly low, despite rising a bit - worker's wages rise more when they change jobs," Mr Bloxham said.

On the plus side, the subdued wage growth would keep pressure off the Reserve Bank to keep hiking interest rates and prompt unemployment to rise to bring inflation back to target.

Australia has also enjoyed record-high female employment, with an extra 21,400 women employed full-time in April and almost 224,000 more since a year ago.

Female unemployment dropped to 3.3 per cent, the lowest since 1973.

"This government is all about building an economy that delivers more opportunities for more people in more parts of our country and central to that is creating more secure, well-paid jobs," Dr Chalmers said.

The coalition opposition was dismissive of Labor's back-slapping, saying the results were based on strong economic circumstances left by the outgoing Morrison government.

Nationals leader David Littleproud says increased welfare payments in the budget on top of extra spending risked adding pressure to inflation.

"We're saying it's tough for those on welfare, but let's get you back into the workforce," he told the ABC.

"Let's pull the policy levers that bring down your energy prices without having to spend Australian taxpayers' money."

Mr Littleproud also called on the government to bind large supermarkets to a mandatory code of conduct as they reported big profits on the back of higher shelf prices.

"What's happening is our good friends at the supermarket, as usual, are sitting there profiteering off the good old Australian farmer," he said.

Penalties needed to be increased from $64,000 to $10 million.

"Bring in big stick legislation, divestiture powers where if they do farmers over and it's not a transparent price, then you lose a Dan Murphy's," Mr Littleproud said.

© AAP 2023

Tougher national regulations on buy now, pay later should help protect high-risk borrowers but consumer groups warn the crackdown may not go far enough.

Under the new rules, the popular service will be treated more like other credit products.

Providers will need a credit licence in line with other lending services and adhere to minimum standards and hardship requirements.

They will also have to abide by marketing restrictions.

Financial Services Minister Stephen Jones said borrowers were able to open several accounts at once and rack up large debts far more easily than they would with credit cards.

The services, which include providers such as Afterpay, Zip and Klarna, have created an extra $2.7 billion in revenue for Australian businesses by bringing in customers and allowing shoppers to spend more.

"But with those opportunities have come new and growing dangers to consumers," the minister said.

Mr Jones said the risks disproportionately affected women, Indigenous people and those on low incomes.

The had been reports of abusive partners weaponising the service by taking out debts without their partner's knowledge.

At this stage, it's still unclear how strict the checks on credit will be and whether they will apply to loans of all sizes.

Leniency for small loans is a concern for consumer groups, with CHOICE chief executive officer Alan Kirkland calling for strong requirements regardless of the amount borrowed.

"While the government has said these will be scalable, we should not assume that small loans are automatically safe," Mr Kirkland said.

"Many of the people who end up in financial hardship as a result of BNPL have smaller loans, often many of them."

The flagged changes have attracted the support of provider Zip as well as the peak body for Australia's fintech industry.

FinTech Australia general manager Rehan D'Almeida said buy now, pay later was an Australian innovation story that had been exported around the world.

"Considered regulation sets the bar for the sector and ensures that building trust and enhancing the lives of its consumers remains at its core," Mr D'Almeida said.

Federal Nationals leader David Littleproud backed the changes in principle.

"We'll be constructive on this because this is an evolving part of capital markets ... sometimes we have to move with to make sure that we protect those that are most vulnerable," he said.

Federal Greens leader Adam Bandt said the party would look at the proposal but many people relied on the credit product to keep a roof over their heads and food on the table.

"The government's got to do more than just take away options for people. It's got to give people the ability to deal with the cost-of-living crisis by freezing rents, or freezing mortgages and by lifting people out of poverty," he told reporters on Monday.

There are seven million active BNPL accounts in Australia, with the average customer using their accounts for 18 transactions a year.

The average transaction is $136.

1800 RESPECT (1800 737 732)

Lifeline 13 11 14

© AAP 2023