Australian news and politics live: Russell Crowe jokes while delivering heartfelt eulogy at John Laws’ funeral

ANZ new chief executive Nuno Matos has declared he wanted to be “part of the pain” in giving up a near $1 million cash bonus at the same time as he made 4,500 staff and contractors redundant.

At a parliamentary Economics Committee on Wednesday, Mr Matos told Ed Husic MP that none of the bank’s senior management got any short-term bonuses in response to a string of regulatory scandals in prior years.

“When we published the remuneration report of ANZ, you saw that all management got zero compensation, was a zero to everyone, including myself, because I asked the board to be part of the pain,” said Mr Matos. “Because I wanted to show clearly that I was part of the team I wanted to lead by example.”

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The European Union’s top trade negotiator has arrived in Australia to reopen trade talks, with both sides sounding optimistic about securing a long elusive deal.

Maroš Šefčovič, the EU’s Trade Commissioner, will meet Trade Minister Don Farrell in Melbourne on Wednesday to thrash out a possible breakthrough in the deadlock that saw talks collapse in 2023.

Senator Farrell is hosting a meeting assembling his counterparts from the 12 countries that are part of the giant trading bloc known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP.

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Home Affairs Minister Tony Burke has confirmed his department is reviewing laws related to combating Nazism, following the cancellation of a neo-nazi’s visa.

Civil engineer Matthew Gruter, one of about 60 black-clad neo-nazis who gathered outside NSW Parliament earlier this month, was detained and faces deportation after his visa was revoked.

“There’s significant powers we have under current law, but as you’d expect, there are conversations that I’m having with my department to make sure that all the laws that we have are fit for purpose, not only with my department, but obviously the different intelligence and law enforcement and security agencies that are within my portfolio as well,” Mr Burke told ABC Radio National.

“I’m always pressure-testing with ASIO, with the Australian Federal Police, with the Criminal Intelligence Commission, and with AUSTRAC… just to make sure that our laws are fit for purpose.”

Matthew Gruter, who participated in a protest outside NSW Parliament, is now in immigration detention. “Either he gets his own ticket, at which point he leaves and goes to South Africa straight away, or if he decides to not organise his own ticket, then ultimately he gets deported, but he’s not heading back into the Australian community,” he said.

The statements come as new laws will be introduced to NSW Parliamenttoday which will see people who chant Nazi slogans or display Nazi characteristics facing up to two years in prison and $22,000 in fines.