Sun, 10th Nov 2024

This episode of Financial Services Online's Weekly Finance News Wrap covers several important developments in the Australian finance industry. Topics include Australian Unity's decision to divest its $1.6 billion banking operations and focus on its core services of wealth, insurance, and health sectors, a move that signifies a potential pivotal moment for their 700,000 customers. The Financial Services Council warns about potential increases in the costs of wholesale funds due to intensified vetting procedures which may result in additional costs to customers. The Reserve Bank of Australia's decision to maintain unchanged interest rates despite easing inflation draws criticism. Lastly, the affordability of home ownership in Australia is scrutinized as it becomes a distant reality for the average Australian, with a recognition that the dream of homeownership is becoming more a tale of inherited wealth. Visit financialservicesonline.com.au for more details.n