Fri, 11th Oct 2024

This week's Weekly Finance News Wrap discusses major changes at Westpac Banking Corporation regarding cardless ATM withdrawals to strengthen security. It also addresses the distressing state of small businesses in Australia, with over 11,000 companies entering administration and an impressive 22,800 closures since May 2022, largely due to soaring operational costs and energy prices. The podcast shed light on financial stress among Australian workers, providing unsettling statistics from AMP's Financial Wellness report. It encourages seeking professional advice for financial wellbeing. Lastly, it touches on the protracted economic downturn in Australia, exasperated by hits to household consumption and a rise in interest rates from the Reserve Bank. Despite the uncertain outlook, a marginal recovery is projected by the OECD.