Tue, 8th Oct 2024

In this week's Financial Services Online's Finance News Wrap, major Australian banks like ANZ, Commonwealth Bank and Westpac will refund more than $28 million in fees to nearly two million low-income Australians under ASIC regulations. Retail industry insiders advocate for the RBA to lower the current 4.35% cash rate to stimulate consumer activity amidst competitive pricing pressures. Despite this, the RBA maintains the rate, with no predicted changes until 2025. Overseas, New Zealand's central bank considers a 50-basis point cut, while U.S. job reports positively impact stock indices. ANZ settles lawsuits linked to controversial 'flex commissions' for $85 million, giving relief to affected borrowers. Other banks, including Westpac, continue to face legal actions. These updates and more on the week's biggest financial news stories, analyzed and delivered straight from Financial Services Online's Finance News Wrap.