Thu, 14th Mar 2024

In this episode of Weekly Finance News Wrap, Paige Estritori dives into current Australian financial trends. Reports note an unprecedented high in housing unaffordability, with a significant portion of income dedicated to mortgage payments, particularly in New South Wales and Queensland. Housing costs continue to rise despite a steady official cash rate. Small businesses, especially in the hospitality sector in Western Sydney and Southeast Queensland, face economic challenges due to rising unpaid invoices and insolvency risks. Financial experts advise businesses to revise their strategies, reduce costs to maintain operation. The emergence of 'finfluencers' gains traction among younger Australians looking for financial advice, prompting reminders to verify online advice. Despite global pandemic challenges, the Australian housing market sees robust growth, with a 32.5% increase in the national home value index since 2020. Additionally, the construction sector's difficulties haven't impacted the market's performance substantially.