Fri, 8th Mar 2024

In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses the 3.9% drop in Australian home loan approvals due to financial pressures and interest rate hikes. However, a Westpac survey shows a resilient homeownership spirit among Australians, with 44% aiming to buy property in the next five years, despite the economic climate. Other key issues include the gender equality strides in the economy, with super contributions being made to the Paid Parental Leave scheme starting July 2025 to help close the superannuation gap. A recently highlighted mismatch between actual and perceived cost of financial advice is prompting potential digital solutions for lower-cost financial advice. Lastly, insurance brokers continue to thrive amidst economic pressures, with a 87% client satisfaction rate and more businesses seeking full coverage due to the current economic instability.n