Tue, 12th Nov 2024

In this week's finance news, Australians are showing resilience in managing their mortgage payments amid economic challenges, leading to less demand for assistance from banks like ANZ and Westpac. Government tax cuts have played a pivotal role in this robust performance. Australian Unity, in a strategic reorientation, divested its banking operations worth $1.6 billion to Bank Australia to focus on wealth, insurance, and health sectors, affecting 25,000 customers. The Financial Services Council has warned a Parliamentary Committee that enhanced scrutiny on verifying wholesale investor status could impact the competitiveness of Australian funds. Lastly, RBA Governor Michele Bullock faces criticism over her cautious strategy on interest rate cuts despite easing inflation, reflecting her intent to maintain stability.