News

Corporates fail to cough up info on payment times for small biz

- April 9, 2019 2 MIN READ

The Australian Smal Business and Family Enterprise Ombudsman has revealed a large number of big corporates have failed to respond to the ombudsman’s request for information on payment times to suppliers in the small business space. The Review of payment terms, times and practices report, released today by the ASBFEO, surveyed 2400 small and family businesses… Read more »

News

Small business ombudsman says big banks feeding off small business

- December 13, 2018 < 1 MIN READ

As more and more Australians adopt Tap-and-Go payments, small businesses are suffering under crippling transaction fees despite a promise from the big four banks to reduce costs. The House of Representatives Standing Committee on Economics recommended banks introduce the least-cost routing of their tap-and-go payments for debit cards by April 1 2018. Yet despite this, they… Read more »

Finance

Payment disputes costing small business owners $1000s

- December 5, 2018 < 1 MIN READ

The Access to Justice Inquiry has found small business owners are paying hundreds of thousands of dollars in order to resolve payment disputes, double the cost of a decade ago. Payment times and terms are the biggest cause of disputes, with small businesses forking out as much as $130,000 during the dispute process. Australian Small Business… Read more »

News

Cyber Security Small Business grants program announced

- December 3, 2018 2 MIN READ

The Cyber Security Small Business Program will support small businesses across Australia to have their cyber security tested by a provider that has been approved by the Council of Registered Ethical Security Testers Australia New Zealand (CREST). Applications are now open for small and micro businesses (with 19 or fewer employees) to apply for a… Read more »

Finance

Government to back small business with $2billion funding support

- November 14, 2018 3 MIN READ

The Morrison government  has thrown its support behind the nation’s small businesses with the announcement of a major new fund using Commonwealth bonds to back small business. The scheme, the Australian Business Securitisation Fund, was announced by treasurer Josh Frydenberg today and is set to be brought before Parliament. It will establish a fund to invest… Read more »

News

Calls to name and shame phoenix operators

- November 9, 2018 < 1 MIN READ

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell has welcomed the announcement by Shadow Assistant Treasurer Andrew Leigh of a proposal to name and shame directors of companies that phoenix. The proposal would enable the Commissioner of Taxation to publicly name directors who deliberately “burn” companies to avoid their obligations to small businesses,… Read more »

Finance

Get the lowdown on borrowing from Fintech lenders with this guide

- September 12, 2018 2 MIN READ

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) and the theBankDoctor.org have released a guide to provide small business owners with all the info they need to better understand borrowing from alternative finance sources such as fintech organisations. The Ombudsman Kate Carnell suggested the guide will help SMBs to understand the jargon and receive a clearer… Read more »

Finance

Remove unfair contract terms or face ASIC says ombudsman

- September 10, 2018 < 1 MIN READ

In a survey carried out by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) earlier this year, only 50 per cent of the fintech companies surveyed considered their contracts compliant with existing Unfair Contract Term (UCT) legislation. The finding prompted Small Business and Family Enterprise Ombudsman Kate Carnell to call for all fintechs to… Read more »

News

Report finds accessing growth capital a barrier for many SMEs

- June 29, 2018 2 MIN READ

Accessing finance still remains a barrier for Australia’s small businesses according to the results of the Affordable Capital for SME Growth report. The report is a follow-up the Barriers to Investment study which took place in 2017 and identified a funding gap for many of the nation’s small businesses. According to the Australian Small Business and Family… Read more »

News

Small businesses continue to suffer from energy prices

- October 13, 2017 < 1 MIN READ

Small to medium businesses are reducing their investment in capital expenditure due to concerns over rising energy prices. A survey of 1280 businesses by East and Partners SME found 70 percent would reduce capital their expenditure with almost 40 percent suggesting they would scale back in the short term. A further 20.8 percent of businesses… Read more »