In this episode of the Daily Financial Services News Wrap, the host Paige Estritori discusses key industry challenges and trends. In the Australian food industry, a third of businesses lack adequate coverage for business interruption, even though it's flagged as a primary internal risk. There's a call for Australian businesses to regularly review their business continuity strategies. Meanwhile, surging insolvency rates are threatening the hospitality sector, with an industry closure rate reaching a historic 9.4%; Western Sydney is particularly impacted. On a different note, Australians seeking jet ski loans are advised to evaluate their financial situation thoroughly and maintain a healthy credit score. Lastly, an upward trend in business loan applications is observed as more Australian entrepreneurs prefer business acquisitions over startups, driven by immediate scalability, existing customers, and operational systems. Stay tuned for more comprehensive coverage of financial services in Australia.n

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