News
Telstra will compensate around 42,000 customers after advising the ACCC that the maximum speeds promised by some of its National Broadband Network (NBN) plans could not be achieved in real-world conditions. Between September 2015 and November 2017, Telstra advertising a range of NBN speed plans including one that offered maximum download speeds of up to […]
Reforms to the Competition and Consumer Act 2010, which took effect this week, will level the playing field between small and big businesses while providing consumers with increased choice and better services in the market place, according to Small Business Michael McCormack. Commenting on the commencement of the Competition and Consumer Amendment (Competition Policy Review) […]
The Australian Securities and Investments Commission (ASIC) and the China Securities Regulatory Commission (CSRC) have entered an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement provides a framework for information sharing between the CSRC and ASIC on emerging market trends and developments, as well as regulatory developments […]
Median revenue in Australia’s fintech sector has jumped by 208% over the 12 months to June 2017, with one in four companies (24%) enjoying a revenue boost of at least 700%, the 2017 EY FinTech Australia Census reveals. According to EY, the Census, which is based on survey results from 166 fintech companies, is “the […]
Uber and Qantas have partnered to enable the airline’s customer to earn Frequent Flyer points when they travel to and from eligible Australian airports using the ride sharing service. From today, an Uber icon will appear in the booking section of the Qantas app for customers to request their airport ride. When taking an […]
The Small Business and Family Enterprise Ombudsman, Kate Carnell, has floated the idea of a Government-backed approach to small business lending, modelled on the British Business Bank, to improve access to finance for SMEs. Kate Carnell told Dynamic Business that the tightening of prudential requirements by APRA and other regulators globally, following the Global Financial […]
Despite talk of hardening insurance rates over the last few months, the latest BizCover Small Business Insurance Index indicates that premiums for small businesses remains steady at 80 points. Although there have been industry predictions of stricter underwriting criteria and higher prices, BizCover found that excess capacity and good levels of profitability have resulted in […]
For every dollar spent at a small business in Australia, 42 cents, on average, is reinvested back into their local community, according to a research report released by American Express to kick-start its month-long Shop Small campaign. Running throughout November, the national campaign encourages the business community as well as governments and consumers to support […]
The Turnbull Government has drafted legislative reforms to support investment in innovative fintech companies by venture capital and angel investors, Treasurer Scott Morrison has announced. Released yesterday for a public consultation period ending Friday, 10 November, the exposure draft of the Treasury Laws Amendment (2017 Measures No. #) Bill 2017 proposes amendments to the Tax […]
The use of digital currency for payments “remains relatively limited” while cash will continue to play an important role in society despite it’s declining use, the Reserve Bank of Australia told the House of Representatives Standing Committee on Tax and Revenue. In a statement delivered to the Committee, in relations to its inquiry into Taxpayer Engagement […]
The Australian Taxation Office (ATO) has reminded 120,000 ride sharing drivers of their tax obligations over the past 18 months. Assistant Commissioner Tom Wheeler said the ATO is still working to educate ride sharing drivers, but now focus is shifting to drivers who are ignoring their obligations. “We know that most drivers do the right […]
An analysis of the Fair Work Commission 2016-17* report reveals an employer was hit with an unfair dismissal claim every three and a half minutes last financial year, according to Employsure. The workplace relations specialist also found that employers lost 60% of the 14,135 unfair dismissal applications brought against them in 2016-17. Commenting on the finding, Ed […]
Today marks the official opening of an employment hub created by the NSW and Federal Governments to place Western Sydney jobseekers in apprenticeships, traineeships and other construction-related careers. The Northern Road Employment and Training Hub at Penrith will train up local jobseekers to work on infrastructure projects as part of the NSW and Federal Governments’ […]
The price of electricity increased 8.9% last quarter, according to the latest ABS Consumer Price Index (CPI), prompting the nation’s peak employer body to warn that businesses are at ‘breaking point’. The Consumer Price Index (CPI) rose 0.6 per cent in the September quarter 2017, with the most significant price rises that quarter being electricity (+8.9%), […]
Half of Australia’s small businesses not only lack an action plan to address workplace bullying, they don’t understand the legal requirements, according research undertaken by workplace relations specialist Employsure. Conducted by Galaxy Research on behalf of Employsure, the Workplace Safety Index also found that amongst businesses with between two and four employees, only 40% know […]
The taskforce charged with reviewing ASIC’s enforcement powers, including penalties regime, has recommended nearly tripling penalties for corporate and financial sector misconduct. In a position paper, published this week, The ASIC Enforcement Review Taskforce expressed concern that penalties available to address corporate and financial sector misconduct are inadequate, inconsistent or too low to act as a […]
Malcolm Turnbull has indicated that the National broadband network (NBN) was a “mistake” and confessed there is a “reasonable question mark” over whether the project will ever provide taxpayers with a return. The admission was made by the Prime Minister in a doorstop interview, today, following comments NBN Co CEO Bill Morrow made to Fairfax […]
Legislation to remove double taxation on digital currencies, such as Bitcoin, has been passed by Australian Parliament, with fintech industry leaders describing the news as a win for consumers and businesses. The Treasury Laws Amendment (2017 Measures No. 6) Bill 2017 was tabled in Parliament, last month, by Treasurer Scott Morrison. He said the reform, which will […]
Monash University is harnessing video games as part of a digital service to help employers hire talented graduates. According to the university, the game-based job and career matching platform, Monash Talent, provides recruiters and hiring managers with a snapshot of a graduate’s unique characteristics, including their key strengths. Each snapshot is based on how a […]
Eight terms in the standard form contract used by JJ Richards & Sons to engage small businesses have been deemed unfair, and therefore void under Australian Consumer Law (ACL), by the Federal Court, this week. The Australian Competition and Consumer Commission (ACCC) instituted Federal Court proceedings against waste management giant, last month. It alleged […]
