Sat, 12th Oct 2024

In this episode of the Weekly Finance News Wrap, Paige Estritori covers significant financial updates. Estritori begins with Westpac Banking Corporation's decision to stop cardless ATM withdrawals for enhanced security, suggesting customers update their online info to adapt to this. The focus then shifts to Australian small businesses struggling with rising operational costs and repercussions from the economic downturn — with over 11,000 companies going into administration last year, calls for policy reforms are intensifying. The AMP reports that a troubling two-thirds of Australian workers face financial stress, especially those nearing retirement — increasing the call for professional financial advice. Finally, the overall Australian economy, experiencing a prolonged period of quarterly decline, is discussed, with potential GDP growth projected as low as 1.1% by 2024. Policymakers are urged to act for the nation's recovery.