In this episode of the Daily Financial Services News Wrap, Paige Estritori discusses the ongoing shift to a contactless economy in Australia, particularly in the trades sector. Veterans predict that ATMs might become redundant by 2030 due to reduced usage and preference for electronic transactions. Despite an economic slowdown, the Reserve Bank of Australia is cautious about substantial changes to interest rates, aiming to manage inflation. However, high inflation could lead to rate hikes which may increase unemployment. Additionally, the episode sheds light on Australian citizens dipping into their savings due to reduced income returns, with predictions that pandemic savings may run out by year-end. Lastly, there is a concerning rise in cyber scams related to property transactions, increasingly occurring with the shift to digital transactions. For more, visit Financial Services Online's website.
