Wed, 8th Jan 2025

In the Weekly Finance News Wrap, we discuss Bendigo and Adelaide Bank's controversial $2.50 cash withdrawal fee, a trend reflecting the banking industry's shift from physical branches to digital transactions. Despite the criticism, the bank posits the strategy has led to a net decrease in customer fees. In market news, Australia is witnessing an unexpected surge in housing prices, not alleviated by the Reserve Bank of Australia's interest rate rise to 4.25%. The costs of mortgage servicing have proportionally climbed to make housing affordability the worst since 2008. We touch on the controversy surrounding the Albanese government's fiscal policies, with critics highlighting the risk of economic instability from public spending growth outpacing the tax burden per capita. Amidst rising inflation and volatile global markets, the need for economic innovation and infrastructure investment is emphasised.