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In this episode of the Daily Financial Services News Wrap, warnings from the OECD regarding Australia's need for budget repair are discussed. The concern arises from a significant rise in welfare spending as business investment plummets, making Australia one of the least performing countries in terms of investment among developed nations. Gerard Minack echoes these sentiments, recommending tax and policy reforms. Changes in insurance costs, as a result of climate change, are highlighted with IAG noticing a surge in home insurance costs due to severe weather events. On the brighter side, Suncorp reports an 8% increase in full-year cash earnings and plans for a substantial share buyback program. The podcast emphasizes the importance of staying informed about government policies and economic indicators to ensure financial stability, alongside keeping an eye on changes to insurance premiums for best available coverage and cost efficiency.n
