Tue, 3rd Sep 2024

In this week's Finance News Wrap, Revenue New South Wales cracks down on abuse of first-home buyer benefits, reclaiming over $9 million across 422 non-compliant cases. The retail sector grapples with a cost of living crisis that has seen retail spending drop for six of the last seven quarters, though signs hint at potential market stabilization by 2025 to 2026. The first-home buyer stamp duty relief scheme faces scrutiny, as more than 400 homeowners are penalised for misusing its benefits. Furthermore, the banking sector, specifically the Commonwealth Bank and Westpac, face parliamentary inquiry amid demands for transparency and fair treatment, particularly concerning recent interest rate fluctuations. Stay informed with Financial Services Online.n