Nassim Khadem

The local share market takes another leg lower as labour force figures pour cold water on rate cut expectations. Look back on the day's financial news and insights from our specialist business reporters.

Corporate watchdog ASIC is suing several players involved in the collapses of Shield and/or First Guardian, which led to Australians losing more than $1 billion of their retirement savings.

About 6 million Australians are expected to take part in Black Friday sales this year and on average they will fork out $804 each.

The Australian share market finished lower on Friday — its second consecutive weekly drop, with Macquarie shares tumbling on a disappointing earnings update.

Microsoft apologises to customers and says it will refund them, after the consumer watchdog alleged the tech giant misled about 2.7 million Australians over subscription costs so they would remain on more expensive plans.

Australia's property market is seeing rising demand, with record auctions over spring and a rise in both first home buyers and investors pushing up house prices. 

The consumer watchdog is suing Microsoft for allegedly misleading about 2.7 million Australians over its Microsoft 365 subscriptions.

ASIC's review of 12 super funds collectively responsible for more $1.2 trillion in member assets finds they are failing in customer service and communications, and may not be giving members information to make informed retirement decisions.  

Michele Bullock says either shoppers or merchants will have to pay more under the central bank's proposed debit and credit card changes. The ASX closed lower after oil and gold prices retreated. 

A former financial adviser involved in placing thousands of clients into the First Guardian Master Fund says he was given clearance by superannuation trustee Diversa to do so after the trustee initially flagged compliance concerns.