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 »
Large Australian and multinational companies who delay paying small business owners are now in the firing line. Following a request from the Minsiter for Small and Family Business, Michaelia Cash, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell has announced a review of payment times. The review will measure the effects of… Read more »
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 »
The banking code needs a major overhaul to address unfair treatment of small businesses, according to a submission lodged by the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, on the interim report of the Banking Royal Commission. “Commissioner Hayne reported that the ‘chief protection for small business borrowers … remains the code’, so unless… Read more »
The Australian and New Zealand Governments are seeking comment on how electronic invoicing (e-Invoicing) can be best managed in both countries by releasing a public consultation paper. Deloitte Access Economics estimates Aussie small businesses issue approximately 1.2 billion invoices annually, and that e-Invoicing could result in economy-wide benefits of up to $28 billion over ten… Read more »
October 10 is World Mental Heath Day. The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, is urging all small business owners and their employees to take time out to reflect on the status of their mental health. “One in five people will experience a mental health issue at some stage in their life,”… Read more »
The Reserve Bank of Australia’s latest report, Access to Small Business Finance has revealed small businesses are continuing to struggle to gain access to affordable capital. The message from the Small Business Finance Advisory Panel suggests while conditions are better than they were in the period just after the global financial crisis, around one-fifth of… Read more »
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 »
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 »
In May 2017 the Business Council of Australia introduced a voluntary Supplier Payment Code. The voluntary code called for businesses and corporations to sign up to commit to 30-day payment terms for SMBs. In an era where many small businesses were feeling the pinch and cash flow is a major pain point, the code was… Read more »
Payment times are still a problem for SMBs according to the Small Business Ombudsman, Kate Carnell. Speaking at the Vodafone National Small Business Summit in Sydney today, Carnell says when she went on her first listening trip around Australia, payment times was the most consistent issue for small businesses around the nation. “We did an… Read more »
Former Jobs and Innovation Minister Michaelia Cash has taken her place in Scott Morrison’s Cabinet as the new minister for Small Business, Skills and Vocational Training. Cash takes over from Craig Laundy who had requested he not be considered for a ministership with the new government. The move elevates the Small Business portfolio to the front bench… Read more »
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