Get your daily dose of the news that matters to small business owners. Catch up on today’s headlines. Here’s what you need to know on Monday, October 14 2019.
Banks under fire from ACCC again
The ACCC will take a closer look at how banks are passing on rate cuts to customers and determining the prices paid by new and existing clients as the Coalition puts increasing pressure on banks.
Treasurer Josh Frydenberg has called for the competition watchdog to investigate the sector on its failure to pass on full cuts. The treasurer suggested the big four banks failure to pass on the cuts was costing the average Aussie hundreds of dollars each month.
“It’s costing someone with a $400,000 mortgage around $500 in higher interest payments than they otherwise should have to pay if these last three rate cuts were passed on in full,” Frydenberg told Channel 9.
“But it’s not just these last three rate cuts where the banks have failed to pass them on, it’s actually what’s happened previously under the Labor government, there were 14 different rate cuts and only five of them were passed on in full.
Frydenberg hopes the inquiry would provide more transparency in the sector.
Is Sydney set for a congestion tax?
Drivers to the Sydney’s CBD could soon be hit with a congestion tax if a report by the Grattan Institute is taken to heart. Lead author and the institute’s transport program director, Marion Terrill, said a congestion tax would encourage more people to adopt new transport options and reduce vehicles on the road during peak periods.
Terril suggested a zone could be set up around the CBD that ensured drivers paid a toll if travelling during peak hours.
Cities such as London and Singapore already apply congestion taxes and have seen a significant reduction in private vehicles on the road during peak periods.
Benny Burgers latest food joint to bite the dust
Celebrity chef Shannon Bennett’s burger business Benny Burger is the latest in a line of popular chef-led eateries to fold, with the Little Collins Street institution now placed into administration.
The closure of the fast food venture was announced in a statement to news.com.au today. Vue Group assured employees and suppliers all outstanding payments and entitlements would be paid.
The statement said Vue Group had made the commercial decision to exit the Benny Burger brand due to a shift in priorities.
“Vue Group remains focused on providing aspirational guest experiences through its diverse portfolio of venues and is confident the aforementioned change will deliver a stronger platform for growth in the future.”