Mon, 12th Aug 2024
from Finance News Wrap Hosted by Paige Estritori
In this episode of the Weekly Finance News Wrap, Paige Estritori discusses the expected downturn in Australian household consumption growth as savings accumulated during the pandemic are predicted to run out by year end. The tax cuts in July may provide a short-term boost, but high-interest rates and decreasing savings could hinder consumer confidence. Australian businesses, especially in the property development and healthcare sectors, have also been hit hard, with a 40% increase in corporate insolvencies due to inflation, high interest rates, and harsh debt collection methods. Westpac is closing its home loan subsidiary, RAMS Financial, but confirms it will uphold RAMS's $31.8 billion loan portfolio. Finally, due to a surge in scams such as phishing and identity theft, Estritori warns listeners to increase security measures and user awareness.
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