The benefits small businesses derive from a competitive financial system are being reduced by the regulators in their “quest for stability”, the Productivity Commission (PC) has found. The finding, contained in a draft PC report titled Competition in the Australian Financial System, is supported by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate […]
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 […]
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 […]
Businesses are being encouraged to promote their commitment to good payment time practices by signing up to the National Payment Transparency Register, established this week by the Australia Small Business and Family Enterprise Ombudsman (ASBFEO). The Ombudsman, Kate Carnell, first called for a national register in her report into payment times and practices, published in […]
Federal Government agencies are paying 96% of their small business contractors within thirty days of receiving an invoice, according to a new report. Minister for Small Business, Michael McCormack said the latest Pay On-Time report also found agencies were paying 60% of invoices up to $1 million within 20 days, and that the overall results […]
The Australian Small Business and Family Enterprise Ombudsman has today released a study into factors impacting small to medium enterprise investment. According to Ombudsman Kate Carnell, SME investment is being impeded by limited access to capital as well as red tape and energy prices and that removing these barriers would “give them confidence to grow […]
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 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 […]
Research showing that SMEs are reducing capital expenditure due to rising energy prices has prompted criticism of the state governments by the Australian Small Business and Family Enterprise Ombudsman. The Ombudsman, Kate Carnell, pointed to the latest East & Partners SME survey* of 1280 businesses, which showed that 39.5% of SMES plan to scale back […]
