Thu, 10th Oct 2024

In the latest Weekly Finance News Wrap, Paige Estritori of Financial Services Online discusses Australia's longest-ever per capita recession, with economic output declining for six consecutive quarters. The public battles tightened budgets due to lowered household consumption and disposable income. Initial GDP growth for 2024 has been revised downward to 1.1 percent by OECD, with a slight increase predicted for 2025 despite interest rate hikes by the Reserve Bank. Meanwhile, major banks like ANZ, Commonwealth Bank, and Westpac face scrutiny over unfair practices and are mandated to refund $28 million to low-income users. On the retail side, there is pressure from retail associations for an immediate rate cut from the Reserve Bank to boost consumer purchasing power. The episode closes against a backdrop of global financial optimism due to positive US job reports.