News

Australia’s small businesses have been slow to leverage technology that would improve the customer service experience even though consumers are increasingly turning to large organisations to satisfy their spending needs, according to Katrina Konstas, Vice President Small Merchant JAPA, American Express. Konstas spoke with Dynamic Business about  findings from American Express’ Economy of Shopping Small: […]

A review of publicly available data on capital raises undertaken by Victorian startups and scaleups over the past five years shows that 385 firms closed 510 investment deals, worth a combined total of $790 million. Commissioned by LaunchVic, the dandolpartners review also found that: The median seed investment was $100,000 while the median angel investment […]

A survey of 1280 SME operators has found that nearly half (49.6%) had relied on unfair contract terms legislation, implemented last year, to negotiate fairer terms with big businesses during the past six months. Conducted by East & Partners, the SME Transaction Banking survey also showed that nearly four in five respondents (78.2%) were aware […]

The Australian Competition & Consumer Commission (ACCC) says its only at the ‘tip of the iceberg’ in terms of its efforts to ensure small businesses are not subject to unfair contract terms. Since 12 November last year, when unfair contract terms laws were extended to small business contracts, the ACCC has taken successful court action […]

The Federal Court has found that accommodation provider Meriton engaged in misleading or deceptive conduct by implementing a strategy to minimise the number of negative reviews its guests posted on the TripAdvisor website. In November 2016, the Australian Competition & Consumer Commission (ACCC) instituted proceedings against Meriton in the Federal Court, alleging that between November […]

The cardboard box of business receipts are now closed for small business owners across the country and it’s time to move from dealing with accountants and tax agents to focusing on the future. Getting things right for the next phase of growth comes down to setting the right foundation. So, how can you ensure you’re […]

China’s booming economy and rapidly growing middle-class present a wealth of opportunities for Australian businesses, particularly those companies able to tap into the rising demand for high quality goods and services. But many local SMEs with international expansion goals have discovered it’s not as simple as heading overseas and establishing operations. In a culture such […]

Deputy Premier and Minister for Regional NSW John Barilaro has announced a new $500,000 Murray Darling Regional Business Accelerator Program fund to support businesses in the Murray Darling Basin to undertake new marketing or technology projects. Barilaro said the program will offer matched funding up to $10,000 for activities including website development, digital media campaigns, or new […]

The NSW Government has awarded a total of $200,000 in funding to ten programs encouraging leadership and economic empowerment for women. The Investing in Women funding program offers grants of up to $25,000 per project for organisations that demonstrate practical and direct ways to engage and support women. Minister for Women, Tanya Davies, said the […]

Australia’s SMEs are increasingly turning to short-term freelancers in a bid to reduce their overheads, according to MYOB. As part of its SME Snapshot for November, the cloud accounting provider surveyed 395 SMEs about the freelancing economy. Of the SMEs that had used a freelancer in the last six months, a majority (89%) indicated they […]

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 […]