In this edition of the Daily Financial Services News Wrap, we cover major financial news in Australia. Highlights include the New South Wales budget for 2024-25, focusing on insurance affordability and resilience. The government has allocated $5.7 billion for disaster prevention and is reforming the emergency services levy to lower insurance premiums. In other news, Generation X struggles with retirement savings, with concerns about inflation and debt. Despite this, a preference for digital advice emerges, amid an ongoing need for professional advisers. Rising scheme fees affect Australian businesses, prompting calls for transparency and regulation over networks such as Visa and MasterCard. Lastly, the Australian Securities and Investments Commission continues to enforce compliance in the financial sector, seeking appeals on cases like Block Earner, which underpins serious regulatory stance towards the crypto industry.n
