In this episode of the Financial Services News Wrap, the Australian Coalition is proposing to slash capital and compliance costs that currently presents a $1 billion burden on the insurance sector. They believe this will help this sector to adapt quickly to rapid changes in liability. Natural disasters are cited as a significant influencer of home insurance cost inflation. The Coalition is also considering a tax reform to ease the burden on small businesses by allowing simplified meal expense deductions, potentially benefiting workplace morale and reducing compliance challenges. But increased living costs have pushed one in six Australians over 43 to work longer, with increasing numbers seeking financial advice. Lastly, enhanced banking regulation is demanded after a farming fraud scam in New South Wales exposed vulnerabilities in Australian banking systems.n
