In this week's Financial News Wrap, Paige Estritori from Financial Services Online discusses key happenings in Australian finance. ASIC has accused banking giant Westpac of misconduct at its RAMS home loans subsidiary, potentially resulting in fines over $100 million. Despite economic stimuli, Australians remain cautious with their spending, with only a 0.1% increase in household expenditure in April. The Star Casino faces penalties for violations of anti-money laundering laws, with AUSTRAC seeking $400 million in fines. Lastly, ASIC is increasing supervision of the private credit market to protect retail investors from high-risk products. Tune in for more in-depth insights and analysis on these stories.

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