On this episode of the Daily Financial Services News Wrap, we cover key financial developments in Australia, from declining real wages to changes in AI and regulatory issues. Since mid-2020, Australia's real wages have dropped by 7.3% and are projected to remain below peak by 5.5% till 2027. This decrease in income and consumer spending might hamper retail businesses. Meanwhile, a partnership between AMP and the University of New South Wales, focused on enhancing AI expertise and promoting responsible AI use, promises to revolutionize financial services. We also discuss the Australian dollar's instability due to rumours about US economic policies. Finally, we delve into issues within direct life insurance sales brought to light by an Australian Securities and Investments Commission probe. For more on insurance, finance, superannuation, and money management, tune in to our daily wrap.n
