News

A parliamentary committee chaired by ex-Deputy PM Barnaby Joyce has made six recommendations to the Federal Government to help small businesses compete against overseas, internet-based firms marketing to Australian consumers. In its report into the impact of global, internet-based competition on local businesses, the Innovation, Industry, Science and Resources Committee recommended the creation of a […]

ASX-listed fintech Novatti Group has launched a new bill payment solution for members of Australia’s growing community of Chinese residents, migrants, students and toursist, resulting in its shares surging more than 36% in a day. The chinapayments.com platform enables consumers to pay billers registered with the BPAY electronic bill payment system, using funds from their […]

Following an ASIC investigation, mining magnate and former politician Clive palmer has been charged with breaching takeover law arising from a proposed takeover of The President’s Club (TPC). His company Palmer Leisure Coolum (PLC, previously known as Queensland North Australia) has also been charged over the proposed takeover. ASIC alleges that in April 2012 PLC […]

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has commenced an inquiry into international initiatives designed to address the funding gap for small to medium sized enterprises (SMEs). [Related: Small Business Ombudsman calls for Govt to consider UK approach to boosting SME finance, Major barriers to SME investment explored by new report from […]

The ACCC has expressed concern about the potential for an accounting software monopoly arising from MYOB’s proposed acquisition of Reckon’s Accountants Group. [Related: MYOB to buy a slice of Reckon for $180m] “If MYOB acquired Reckon’s Accountants Group, it would likely be the only supplier of practice software suitable for medium to large accounting firms,” […]

The OECD has found that penalties for competition law breaches are ‘significantly lower’ in Australia than in comparable OECD jurisdictions, prompting the nation’s competition regulator to announce it will rethink its approach to competition law enforcement. The OECD report, Pecuniary Penalties for Competition Law Infringements in Australia(link is external) compared the penalties for companies which breach […]

A Queensland company that secured millions in tax refunds for clients by exploiting the R&D tax incentive program has been ordered by the Federal Court to pay a $4.25 million fine to the Commissioner of Taxation. The Commissioner commenced action last year against Australian R&D Funds and Grants Services Pty Ltd, now known as International […]

James Packer, son of media mogul Kerry Packer, has removed himself from the board of Crown Resorts due to ‘personal reasons’, the gaming and entertainment group has announced. Commenting on Packer’s resignation, Crown’s Executive Chairman, John Alexander, said, “We have appreciated James’ contribution to the Board and respect his decision to step down from his […]

The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]

A new visa scheme will be piloted for 12 months from 1 July, this year, in a bid to attract highly-skilled global talent to Australia and boost the nation’s capacity for innovation, Minister for Jobs and Innovation, Michaelia Cash, has announced.   [Related: If employers can’t import critical talent on visas, they’ll consider overseas hires, says […]

Fintech and other non-bank lenders are set to overtake banks as the preferred source of growth funds for Australian SMEs, the latest Scottish Pacific SME Growth Index suggest. [Related: Let’s Talk… Fintech, FinTech Australia’s CEO steps down but will continue to help Aussie fintechs from Asia and Fintech Code of Conduct recommended by report into best-practice for SME […]

NSW businesses can now apply for matched grants of up to $250,000 under the NSW-Israel Research and Development (R&D) Tech Innovation Program. The program which is jointly run by the NSW Government and State of Israel was established to support innovation and strengthen ties between NSW and Israel. According to Minister for Trade & Industry, Niall Blair, interested businesses must apply before […]

Wesfarmers intends to demerge its Coles division, with the aim being to transform the supermarket chain into a separate, top 30 company on the ASX so it can focus on growth opportunities for its remaining businesses. Commenting on the proposed demerger, which is subject to shareholder and other approvals, Wesfarmers Managing Director Rob Scott said […]

The ACCC has initiated proceedings in the Federal Court against Equifax (formerly Veda), alleging the credit reporting bureau made false or misleading representations to consumers between June 2013 and March 2017, in breach of consumer laws. Allegations include that Equifax claimed that its paid credit reports were more comprehensive than free reports, when they were not. […]

The recent 457 Visa changes are impeding Australia’s capacity for innovation and they could force Atlassian to relocate its headquarters overseas, warns the home-grown software giant’s co-founder and co-CEO, Mike Cannon-Brookes. In an address to the Senate Committee on the future of Worker and workers in Melbourne on Tuesday, Cannon-Brookes said that technology had taken […]

The Australian Taxation Office (ATO) is warning the public to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts. Assistant Commissioner Kath Anderson said that recent reports to the ATO had identified fraudsters pioneering this new payment method when defrauding taxpayers in late […]

FinTech Australia have flagged their support for the Federal Government’s proposed legislative changes to the fintech regulatory sandbox but called for further improvements to make the sandbox more robust and fintech-friendly. Earlier this month, FinTech Australia’s chair Stuart Stoyan gave evidence to the Senate Economics Legislation Committee, which is inquiring into the provisions of the Treasury Laws […]

Employers risk missing out on the best person available for an advertised role when they fail to actively address unconscious gender bias in their job ads, warns Kathleen McCudden, Group HR Director at SEEK. McMudden pointed to a new survey of 4800 people undertaken on SEEK’s behalf by independent consultant Perspicacious. Noting that the sample […]

In the wake of announcing her resignation as CEO of industry association FinTech Australia, Danielle Szetho has flagged her intentions to continue supporting and championing Australian fintech companies from Asia.  Sarah Worboys, formerly of the Startup Victoria Female Founders committee, will step in as interim CEO for FinTech Australia, whose chair Stuart Stoyan thanked Szetho […]

The NSW Government has rejected criticism levelled at its $190 million job creation fund by The Daily Telegraph, which today claimed the fund’s managing body, Jobs for NSW, had yielded “drastically low results”. [Related: “Previously, the government wouldn’t have engaged SMEs in this way”: Jobs for NSW CEO and “Huge coup for Sydney” – $35m startup hub to […]