Sat, 23rd Mar 2024

In this episode of the Weekly Finance News Wrap, Paige Estritori discusses the latest financial headlines impacting Australians. The Reserve Bank is considering potential interest rate cuts in response to an economic downturn, rising unemployment, and disruptions such as a slowdown in Chinese mining exports and advancements in AI. Despite these challenges, the Bank has kept the cash rate unchanged at 4.35%, expecting inflation to return to a 2-3% target by 2025. A focus on mortgage affordability reveals that New South Wales residents are dedicating an alarming 58.5% of their income to mortgage payments, reflecting a nationwide affordability crisis. Despite this, a 16.8% increase in first-time home buyers last quarter suggests some hope. Stay tuned for ongoing coverage of these and other financial issues.