In this week's Financial News Wrap, Paige Estritori discusses updates in the Australian housing market and potential tax deductions for small businesses. Post the Reserve Bank's rate cut decision, housing values in major Australian cities have seen an encouraging rise, though the quarter saw an overall decline. The year-long picture shows a 4.6% increase in home values. Auction clearance rates are also positive, suggesting future rate cuts could further improve the housing market scenario. However, property affordability might be a concern. In other news, a Coalition proposal could ease tax deductions for businesses on meal expenses. Businesses with turnover up to $10 million may see meal expenses deductions increased to $20,000, without the fringe benefits tax. This could simplify tax filing and boost morale, specifically in the financial sector. Future decisions on this proposal are awaited.n