Reserve Bank governor Glenn Stevens takes economic soundings on his holidays

"I once sat on a chairlift ...," he began in answer to a question at Wednesday's parliamentary hearing.

The chairlift was at the ski fields where he met a young guy who "drove a truck in the Pilbara and he was on vacation".

The point he was making was that the guy would "fly in fly out" but "the money he was earning was going all over the country''.

His finger is on the pulse.

Radio risk 

As if Rhys Holleran isn’t busy enough.

The Southern Cross boss is performing double duties until his latest number cruncher shows up - hopefully for longer than the six weeks that Peter Lewis spent with the media group.

The company’s full-year accounts show Lewis managed to pick up $23,844 in pay and benefits for the two weeks ending June 30, but we will have to wait another year to find out what he trousered for his final month.

Holleran has other problems to deal with of course - like the steady exodus of talent from ''on air'' as well as the executive suite.

Of particular concern on Wednesday was the financial hole left by the departure of radio talent Kyle Sandilands and Jackie O.

The duo's defection to APN has given the media group a much-needed prop for its earnings, which were also released on Wednesday.

‘‘For the first time ever, ARN is the leading FM network in Australia,’’ said APN boss Michael Miller whose earnings would not have looked that pretty without the boost from its local FM networks.

‘‘These results are ahead of our expectations, affirming that our decision to back these businesses, and radio as a segment, was the right one.’’

Miller’s big worry now might be Sandilands’ health.

The shock jock recently coughed up his breakfast on air and later had a bust up with Jackie O over his sickies.

Just imagine having your KPIs linked to Sandilands’ diet. This is the guy who was described by one former colleague as ‘‘that bearded lump of cholesterol’’.

News cover

And while we are in media land, News Corp may not be happy with the Crikey reports revealing the dire financial state of its local papers, but at least it distracted investors from the ASX announcement reporting that its CEO Robert Thomson offloaded $US1.8 million of shares on Friday.

Bank upgrade

It’s hard for Australia’s banking minnows such as Suncorp to match it with the Big Four whales - even when it comes to retaining boardroom talent it seems.

Former Westpac banker Ilana Atlas, has made the jump from Suncorp’s boardroom to ANZ on Wednesday after a three-year stint.

‘‘I am delighted to have Ilana join the ANZ board,’’ says ANZ chairman David Gonski who happens to share a boardroom table with Atlas at Coca-Cola Amatil as well.

Atlas, who chairs the Bell Shakespeare company, does not appear to be making the move for money.

Her pay at Suncorp last year topped $298,000 and a quick check of ANZ’s boardroom pay suggests she won’t be getting much more at ANZ despite the huge discrepancy in market value between the two companies.

Last lap

Fortescue’s results on Wednesday overshadowed the news that Australia’s legendary middle distance runner, Herb Elliott, is about to complete his final lap with the miner.

Given his involvement stretches back to to a time before anyone expected a resource boom, CBD was surprised to see his stake merely tips the scales at around $9 million.

Another Fortescue stalwart who is stepping down, Graeme Rowley, fared a bit better with stock currently worth $165 million.

At least Elliott fared better than another middle-distance legend who did not stay long enough to enjoy the Fortescue spoils.

Lord Sebastian Coe resigned in 2004 - not long after joining -  to focus on London’s Olympic bid, leaving behind stock options over 750,000 shares that would be worth a packet right now.

Andrew Forrest's recruitment of the two runners with impeccable track records goes back to his involvement with the Australian athletics scene. As one colleague said at the time: "It is just so Andrew [Forrest]. He is a star-f-----."

Got a tip? ckruger@fairfaxmedia.com.au