Sat, 17th Aug 2024

In this week's financial news, small businesses in Australia are facing significant challenges, with rising costs pushing up to 49% towards bankruptcy, primarily impacting the hospitality industry. Calls are increasing for substantial government intervention, particularly in energy sector stability. Reserve Bank Governor, Michele Bullock, advises patience for those hopeful of rate cuts, stressing on maintaining inflation goals amidst high current rates. We also face global uncertainties, as geopolitical tensions and China's economic slowdown take toll. Consumers are reacting by saving, especially amongst homeowners. The Australian Securities and Investments Commission has begun legal action against the Australian Securities Exchange due to alleged misleading information involving their CHESS replacement system. Lastly, The Treasury has decided to extend small business lending laws until October 3rd, 2026, a significant shift in Australia's lending landscape. Tune in next week for more financial updates. n