News Pulse for October 2, 2017

A daily download of SME, startup, fintech and tax news from around Australia.

“More and better paid jobs”, Address to the Business Council of Australia, Sydney | The Hon Scott Morrison MP

Australia is enjoying the strongest period of job creation we have seen in decades. Having endured some tough times in the prolonged wash-up from the Global Financial Crisis, Australian businesses are now starting to see the better days ahead that I spoke about in this year’s Budget.

Importantly, as they see these better days emerging, they are responding in the best way possible – by giving more Australians a job and investing into their future, laying down the foundation for our next growth phase. We have now seen 11 consecutive months of jobs being created – there has not been a longer run of jobs growth in 23 years.

WA tech start-ups welcome new ‘crowdfunding’ laws

Legislation to allow up and coming WA businesses to access Crowed-Sourced Equity Funding has come in to effect and local entrepreneurs are excited at the acceleration this change could bring.

The CSEF legislation enables entrepreneurs to use a crowdfunding approach to raise up to $5 million dollars a year from investors in return for equity in the company.

‘It is killing my small business’: PayPal under fire for freezing money

Bridget McLister doesn’t know where else to turn.

The co-owner of custom portrait business One Sonny Day says PayPal has locked $6000 in her merchant account as a result of a compliance review which has been satisfactorily completed.

In banks we trust. Why not fintechs?

The government is moving towards giving individuals more control over their banking data.

A Productivity Commission report Data Availability and Use , released in March, recommended customers gain “continuing shared access with the data holder”.

Spotlight on ATM upstarts

ATMs hit the headlines this week when the big four banks all ­announced they were scrapping fees for customers of other banks.

At face value this magnanimous act should be a threat to the independent operators such as the only pure-play, ASX-listed ATM operator, Stargroup.

Why Australia needs new insolvency laws for small businesses

The Ten Network’s recent experience of voluntary administration and subsequent rescue by CBS demonstrates how insolvency law works for large Australian companies.

But 97% of Australian businesses are small or medium size enterprises (SMEs), and they face a system that isn’t designed for them.

Treasurer Scott Morrison says “intimidating” tech sector image alienates general public: Four ecosystem players weigh in

The Australian tech sector needs to better communicate the benefits of startups and new technology to the wider population if it is to thrive in the future, Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 told an audience of tech professionals yesterday.

The comments were delivered in an address to the Australian Computer Society in Sydney, and while Morrison assured audiences “it is still the most exciting time to be in Australia”, he warned that future growth and change in the “digital economy” will be hindered if the tech sector doesn’t get better at engaging the public and celebrating its wins.

Will Australia follow Trump’s lead on tax reform?

Donald Trump’s tax plan – launched overnight – goes places that Australian politicians are not brave enough … or bold enough to go.

But part of Trump’s plan, including cutting corporate taxes to 20 percent – and cutting most personal tax deductions to fund big personal tax cuts – could be considered by Australia to make people’s lives simpler, and to put some extra dollars in their pocket.

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.


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