CALENDAR OF EVENTS
Monday, February 5 Balance of trade
Tuesday, February 6 RBA interest rate decision
Tuesday, February 13 Westpac consumer confidence
Wednesday, February 14 NAB business confidence
Thursday, February 15 Unemployment rate
Wednesday, February 21 Wage price index
THE BUZZ Scams and insurance delays push complaints to record high
If you thought you had a busy 2023, spare a thought for the team at the Australian Financial Complaints Authority (AFCA), who took on a record 102,790 complaints in 2023 – 23% more than in 2022.
AFCA deals with complaints about financial services and products, though it only steps in as a mediator if a resolution can't be achieved between a consumer or small business and their bank, insurer, or superannuation fund.
Scams notched up the highest growth in the number of complaints – 8987 in 2023, which was nearly double the 2022 number – though AFCA's chief executive, David Locke, is optimistic that countermeasures being rolled out by financial institutions will help stem the tide.
