This episode of Financial Services Online's Weekly Finance News Wrap, presented by Paige Estritori, discusses the rise of unqualified financial advice on social media due to increased cost of living in Australia, creating a concern for financial experts. In response, The Australian newspaper launched a digital section called 'Wealth' offering advice on numerous financial topics. The report also highlights a record-breaking surge in home loan refinancing, driven by recent interest rate cuts by the Reserve Bank of Australia. Over $65.8 billion of mortgages got switched to new lenders in Q3, translating to nearly $500,000 in loans being refinanced every minute. This behavior shift is mostly credited to favorable interest rates and changing economic conditions.n

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