Fri, 21st Jun 2024

In this week's Finance News Wrap, Paige Estritori discusses Gen X's retirement struggles in the face of increasing inflation and public debt, with 69% citing inflation as a substantial hindrance to their savings. Despite these challenges, many are turning to professional advice and digital resources to navigate. She also touches on Australian businesses grappling with hefty card scheme fees, which have soared by 43% in the last year to a staggering $1.9 billion. The Reserve Bank of Australia anticipates implementing regulatory measures to ensure transparency and protect firms against further fee hikes. The Australian Securities and Investments Commission's crackdown on unlicensed digital currency exchanges is also covered, indicating a growing focus on compliance. Lastly, the RBA's decision to maintain the cash rate at 4.35% is discussed, along with potential hurdles for economic recovery, including labor market pressure and energy rebate impacts.n