Sat, 2nd Nov 2024

In this episode of Weekly Finance News Wrap, host Paige Estritori discusses the slow recovery of the Australian economy from a record-long recession, with reduced disposable household income and reduced usage of savings due to rising taxes, inflation, and interest rates. However, there is some optimism due to recent tax cuts and favorable interest rate expectations. She highlights the increase in reported scams and rising financial distress complaints, which demand faster resolution from authorities. Ahead of the May 2025 election, there are calls for the Reserve Bank of Australia to cut interest rates, primarily due to the cost of living and falling disposable income, alongside falling electricity and petrol prices. Lastly, Estritori notes a surprising increase in the use of cash over digital transactions, driving a need for banks to reconsider their cash handling strategies.