Sun, 13th Oct 2024

This week's Finance News Wrap covers major financial updates. Westpac Bank announces its termination of cardless ATM withdrawals due to rising security concerns, urging customers to modify their online banking information. Australian small businesses are facing economic difficulties, with over 11,000 companies entering administration in 2023-24 as operational cost and energy price pressure mount. The construction and hospitality sectors are particularly hit, with over 22,800 businesses closing since May 2022. There's also concern for workers' financial stress, higher for those nearing retirement, urging a need for professional support. Finally, Australia deals with its 'longest per capita recession', with the OECD predicting a slump in GDP growth for 2024. Despite higher population growth, household incomes and spending power are declining. Tune in for more insights at Financial Services Online.n