Tue, 2nd Jul 2024

In this episode of the Weekly Finance News Wrap, host Paige Estritori discusses key financial news shaping Australia. The ongoing concern of inflation remains central, with a steady 4% inflation rate reported by the Australian Bureau of Statistics. Anticipating a potential interest rate increase, households are bracing for cost of living hikes due to tax cuts and relief proposed by the government. In industry news, Suncorp has sold its banking business to ANZ for $4.9 billion, focusing exclusively on insurance. The Australian treasurer, Jim Chalmers, speaks on the challenges of controlling inflation to meet the Reserve Bank's target of 2-3%, with a view towards a federal budget surplus. Influenced by inflation concerns, the ASX200 has shrunk by 0.3%, with the hardest hits on interest-rate-sensitive financial firms. Tune in next Tuesday for more updates.