Thu, 12th Sep 2024

This episode of 'Weekly Finance News Wrap' discusses key issues facing Australian consumers and businesses. A recent study reports 40% Australian families struggling with mortgage payments, the average owner-occupier loan has risen by over 9% to over $634,000, and Australians are now spending 46% of their income on new mortgages. As Australia transitions to a cashless economy, traditionally cash-focused professions are changing. Adapting to EFTPOS and fewer cash-friendly retail outlets, cash usage is decreasing and ATM usage is predicted to disappear by 2030. Lastly, the show reviews the Reserve Bank of Australia's cautious measures amid ongoing economic challenges, resisting rate cuts despite modest 0.2% growth in the June quarter. Sluggish productivity and a strong post-pandemic demand could potentially surge inflation and impact employment. Stay tuned for more updates in future episodes.