In this week's finance news wrap, the Australian Finance Industry Association (AFIA) backed a National AI Plan, projecting a $60 billion increase in economic opportunities through advances in risk management, improved customer service, and cost-saving automation. However, safety remains essential, with contingencies needed for data privacy and bias prevention. New South Wales enforced strict laws for e-bikes, enforcing speed restrictions and allowing police seizure of non-compliant e-bikes. The Australian Financial Complaints Authority (AFCA) warned small businesses of the risks posed by non-regulated lenders, emphasizing the need for lender membership validation for consumer protection. The Reserve Bank of Australia raised the cash rate to 3.85% from 25 points to counter rising inflation, leading to probable increases in loan interest rates and improved returns on deposits. Stay tuned with Financial Services Online for personal and business loan options and weekly finance news updates.n
