$60bn wiped from ASX | CBA boss says no more rate cuts | Scams rising ahead of Black Friday
The Australian sharemarket suffered its second biggest one day loss of the year as $60bn is wiped on interest rate and AI overvaluation concerns; the boss of Australia’s largest bank says not to expect any interest rate cuts in 2026; and the ACCC offers tips on how to avoid scammers as losses increase
00:00 The Reserve Bank’s decision to leave interest rates on hold at 3.6 per cent earlier this month followed moves by the US and Canadian central banks to cut by 25 basis points
01:49 The Westpac CEO said his bank is still expecting two rate cuts next year, as inflation slowly moderates
02:40 A huge sell-off in the tech sector has sent the Australian sharemarket spiraling today
04:31 Australians have lost more than a quarter of a billion dollars to scams in the first nine months of this year
06:48 Fewer Australians are blaming cost for not seeing a doctor
Ricardo Gonçalves breaks down the day’s financial news in On The Money.
#OnTheMoney #finance #ASX #interestrates #Australia
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