Thu, 31st Oct 2024

In this week's Finance News Wrap, we discuss the worrying rise of scams in Australia with an 81% increase in reports, according to the Australian Financial Complaints Authority. Measures are being taken to tackle this, with 70% of cases resolved within 60 days with room for further action. Additionally, consumer financial distress complaints have increased by 18%. As the May 2025 election draws closer, the Reserve Bank of Australia faces growing pressure amid rising living costs and higher interest rates. Interestingly, despite the growing trend of digital transactions, Australians are gravitating towards cash use. Lastly, the Australian Financial Complaints Authority has made significant progress in addressing financial advice complaints, closing over 4,000 complaints this year - a huge surge from last year. However, they continue to grapple with certain issues such as those related to Dixon Advisory and SMSF classification.n