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 […]
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 […]
The Australian Government’s proposal to make it easier for digital-first challenger banks to compete against industry incumbents is could be improved, according to the peak body for fintech startups. FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to […]
A parliamentary committee recommendation for banks to reduce ‘tap and go’ transaction fees has attracted support from the Australian Small Business and Family Enterprise Ombudsman Kate Carnell. The House of Representatives Standing Committee on Economics recommended that banks let merchants send tap-and-go payments from debit cards through eftpos instead of credit, and that regulatory action be taken […]
The financial services industry is in the midst of a digital revolution led by fintech startups. These nimble, customer-centric companies are rapidly establishing a new status quo as they hone in on the consumer and business pain points the large incumbents have failed to address. This week, for our exclusive “Let’s talk…” feature looking at […]
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 […]
Melbourne-based fintech startup Study Loans has this week launched its responsible student lending service, with $5 million available to Australians seeking to finance their tertiary education. In addition to completing a $2 million seed round to get the business off the ground, Study Loans co-founders Brett Shanley, Mark McCoach and Rhett Simonds raised $5 million debt equity […]
NSW Parliament has passed legislation giving retailers based outside of Sydney CBD and Bondi the option of trading on all future Boxing Days. Introduced by Treasurer Dominic Perrottet earlier this month, in accordance with the findings of an independent review by Professor Percy Allan, the Retail Trading Amendment (Boxing Day) Bill 2017 has amended the Retail Trading […]
Government moves to reduce regulatory barriers to challenger banks entering the market should improve access to finance for small business, according to Australian Small Business and Family Enterprise Ombudsman (ASBFEO). The Ombudsman, Kate Carnell, welcomed news that the Treasury is consulting on proposed changes to the Banking Act, which would remove restrictions on the use […]
The growth of SMEs is being significantly restricted by their inability to access credit readily, according to the results of a survey commissioned by fintech lender GetCapital. The Businessloans.com.au Small Business Credit survey was completed by 611 SMEs, defined as businesses with between 5 and 250 FTE and an average minimum revenue between $50,001 and […]
