Shadow Small Business Minister Steven Ciobo has backed calls by a leading national business body for an inquiry into small business financing.
The Australian Chamber of Commerce and Industry has called for a study by the Productivity Commission into the competition in the small business finance market, in the wake of the financial crisis.
Ciobo has backed the calls, claiming that the inquiry will “highlight the litany of neglect of the small business sector by the Rudd Labor Government.”
Ciobo said the banks had used the global financial crisis to gouge small business in an effort to maintain profit levels during the crisis, and an inquiry was long overdue for that reason alone.
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