Sat, 5th Oct 2024

In this week's episode of the Weekly Finance News Wrap, host Paige Estritori discusses important updates in the financial industry. She starts by explaining how ASIC's latest investigation led to refunds of $28 million from leading Australian banks, including Commonwealth Bank, Westpac, Bendigo and Adelaide Bank, and ANZ, as a result of unfair fees affecting nearly two million Australians. The situation in Australia is intensifying, with one-in-20 borrowers struggling with negative cash flow. ANZ and Westpac have introduced changes for savings accounts, encouraging monthly balance growth. Lastly, the Australian Taxation Office has clarified that while fees for tax-related advice from qualified professionals are tax-deductible, those for life insurance remain non-deductible. Tune in for these important finance updates and more on financialservicesonline.com.au.