Wed, 9th Oct 2024

In this week's "Weekly Finance News Wrap" by Financial Services Online, Australia's longest per capita recession continues with economic output fall for the sixth consecutive quarter. Due to this, the OECD has cut our GDP growth forecast to 1.1% - despite a 2.4% population growth. High interest rates from the Reserve Bank have impacted household budgets and consumer spending. The banking sector has seen ASIC call out ANZ, Commonwealth Bank, and Westpac for excessive fees charged to low-income Australians, demanding the return of $28 million to consumers. The retail sector is pressuring the Reserve Bank for a cash rate reduction to boost the crucial holiday season consumer spending. The RBAs consistent hold on its 4.35% interest rate, a 12-year high, remains an issue, with experts tying it to recent inflation trends. Stay tuned to financialservicesonline.com.au for more updates.