News
With just over three weeks until mandatory data breach reporting laws come into effect, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, has urged small businesses to ensure they are prepared as a matter of urgency. From 22 February, organisations with personal information security obligations under the Privacy Act 1988 will be […]
Employers who deny their employees their superannuation entitlements face up to a year in jail under legislation drafted by the Federal Government. According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the purpose of the Treasury Laws Amendment (Taxation and Superannuation Guarantee Integrity Measures) Bill 2018 is protect workers’ superannuation entitlements and “modernise” the […]
Specialist advisers can now apply for grants from the Federal Government to help small business employers in metropolitan and regional areas take advantage of digital opportunities. As part of its Australian Small Business Advisory Services (ASBAS) program, the Federal Government will invest up to $18.02million over three years on the provision of low cost, high […]
Australia’s 620,000 migrant-owned businesses are, through their hard work and ambition, making a significant contribution to the national economy, according to CGU Insurance. More than 900 business owners were surveyed as part of the insurer’s Migrant Small Business Report, which it developed to shine a light on the role migrants play in Australia’s small business […]
Around three in five managers expect employee productivity to rise during the summer months, according to research commissioned by specialist recruiter Robert Half. The survey of 460 hiring managers from small, medium and large companies across Australia found that a majority expect their staff to be “somewhat more productive” or “much more productive” (58%) throughout […]
Small businesses contacted the Australian Competition & Consumer Commission (ACCC) nearly 5000 times in the second half of 2017, up from 3700 in the preceding six months, according to a new report. The ACCC’s latest Small business in focus report, covering July to December 2017, shows small businesses made 2365 enquiries to the Commission along […]
To coincide with the forthcoming local launch of Amazon’s cloud-based, AI-powered voice assistant Alexa, online employment market SEEK has announced a compatible voice-activated job search. According to Amazon, three Alexa-enabled, voice-controlled speakers – the Echo, Echo Plus and Echo Dot – will ship from the company’s local website “beginning early February”, with the devices also […]
Labor force figures released by the ABS this week show more than 403,000 jobs were created in Australia in 2017, with Minister for Jobs and Innovation Michaelia Cash proclaiming it the “best year for jobs growth ever”. The ABS figures also show that the number of jobs increased for the 15th straight month in December, […]
Tertiary educators are struggling to keep up with demand from Australian CIOs for qualified IT professionals, according to research commissioned by specialist recruiter Robert Half. The survey of 160 CIOs and CTOs from companies across Australia found the education system is only able to satisfy 3% of technology leaders when it comes to their demands of the […]
Nearly US$560 million was invested in Australian startups, last year, a 1.4% increase on 2016; however, the number of investment deals fell 27%, according to a new report from KPMG International. The professional services giant’s latest Venture Pulse, a quarterly report on global venture capital investment, shows that Australian startups closed 17 deals, worth $121.55 […]
The former manager of an Oliver Brown café on the Gold Coast has been fined $27,200 for ripping off overseas workers. Steven Chung was penalised in the Federal Circuit Court after admitting his involvement in the underpayment of 12 employees at the café in Surfers Paradise. Proceedings were brought against Chung by the Fair […]
The Australian Taxation Office (ATO) will be empowered to report a business’s overdue tax debts to credit reporting bureaus under draft legislation released by Minister for Revenue and Financial Services, Kelly O’Dwyer. The legislation, which – together with explanatory material – is now available for public comment, will require a business to “effectively engage” with […]
Seven companies have become the nation’s first crowd-sourced funding (CSF) intermediaries after receiving Australian Financial Services (AFS) licenses from the Australian Securities and Investments Commission (ASIC). Under the CSF framework, which commenced in September 2017, Big Start, Billfolda, Birchal Financial Services, Equitise, Global Funding Partners, IQX Investment Services and On-Market Bookbuilds have been authorised to […]
The Institute of Public Accountants (IPA) has called for the Federal Government to improve the financial outlook of SMEs by introducing a loan guarantee scheme and legislating maximum payment times for business-to-business transactions. In its 2018 pre-Budget submission, the IPA – a professional accounting body representing 35,000 accountants, business advisers, academics and students – made […]
RBA data reveals the average interest on small business loans is the lowest it has been since at least 1993, with owners paying $9 billion less than they were six years ago, according to the Australian Bankers’ Association (ABA). Noting that small businesses are a significant driver of the economy, ABA Chief Economist Tony Pearson […]
In closing its latest funding round, Canva has seen its valuation surpass US$1 billion mark, making it the second Australian startup after Atlassian to obtain Unicorn status. [See also: Let’s Talk… Growth (Is there anything wrong with aspiring to be a unicorn?), “We’ve only achieved 1% of what we know is possible,” says CEO of […]
The Australian Small Business and Family Enterprise Ombudsman has released a cybersecurity guide to educate business operators about the risks and help them prevent cyberattacks. Noting that 60% of small firms that experienced a cyber breach went out of business within the following six months, Ombudsman Kate Carnell said operators couldn’t afford to be complacent […]
The Australian Small Business and Family Enterprise Ombudsman has warned banks not to pass moral judgment on appropriately registered and regulated adults-only businesses. Kate Carnell said she had written to the Australian Bankers Association to express her concern that banks are discriminating against the legitimate adult industry by withdrawing or failing to provide financial services. […]
Michaelia Cash’s appointment as Minister for Jobs and Innovation is welcome recognition that the two aspects are “closely linked’, according to StartupAUS CEO Alex McCauley. Noting there have been four Innovation Minister in less than two years, he said it was time for Australia to “get back on the front foot with innovation policy”. [See […]
Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]
