In this Daily Financial Services News Wrap, host Paige Estritori discusses key developments in Australia's financial services. The Australian Taxation Office's new rule triggered a massive 486% increase in loan inquiries from SMEs, with experts advising to strategically consolidate debts. The Reserve Bank of Australia expressed concern over interest rate reductions potentially leading to unsustainable debt, urging careful lending practices. Macquarie Bank has ended its car loan services, reallocating resources towards mortgages and deposit services, signifying fewer auto financing options. However, Fintech firms like Driva are modernizing the industry by using AI to personalize loan options, simplify processes, and offer potential savings for customers.

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