Thu, 3rd Oct 2024

In this episode of Financial Services News Wrap, Paige Estritori discusses how increasing fiscal stress is affecting Australian borrowers due to rising financial burdens and depleted pandemic savings. The situation is forecasted to improve in H2 2024, albeit threats from a high unemployment rate. There's a significant development from the ANZ Bank - a monthly balance growth of $100 in savings accounts is necessary to avoid a drastic interest rate decrease. She also discusses increased occurrences of cyber scams impacting small businesses, with government initiatives like the Cyber Health Check offering protection. Lastly, the episode covers the new tax deductibility rules for financial advice fees from the Australian Taxation Office, a move celebrated by the Financial Advice Association Australia for its potential to provide broader access to professional financial advice. Stay informed to make sound financial decisions.n