Thu, 22nd Aug 2024

This week's Financial News Wrap covers the Australian Securities and Investments Commission's efforts to combat online scams, taking down around 20 fraudulent investment sites daily. Be cautious, verify platform legitimacy, and avoid sharing personal data online. The property market features next, with the Commonwealth Bank considering a rate cut by November due to stable household spending, amidst a financial gap between renters and homeowners. However, the Reserve Bank of Australia maintains a cautious stance, keeping the cash rate steady. Additionally, 1.25 million small Australian businesses are struggling due to rising living costs, requiring urgent attention to energy costs, legislative burdens and industrial relations. Reserve Bank governor, Michele Bullock, highlights the critical aspect of inflation control, citing ongoing price pressures and stating that the return to the target range of 2-3% may not happen until 2026.