News Pulse for November 27, 2017

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

Australia to introduce legislation allowing customers open access to banking, energy, phone and internet data

The Australian Government announced today that it will a national  Consumer Data Right, allowing customers open access to their banking, energy, phone and internet transactions.

Australian consumers will be able to compare offers, get access to cheaper products and plans to help them ‘make the switch’ and get greater value for money.

Nats mull ‘all-in’ on bank inquiry

The Nationals will consider ­embracing a push by Queensland senator Barry O’Sullivan for an ­inquiry into the banking sector, in a move that could split the ­Coalition and challenge Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15’s authority.

Nationals MPs have told The Australian it is expected that Senator O’Sullivan’s plan to move a motion in the upper house establishing a probe into the financial services sector would be discussed at next week’s partyroom meeting.

ASIC eyes loan fraud

ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au is ramping up surveillance of the $1.5 trillion home lending market, with individuals and a “handful” of large and small lenders under investigation for fabrication of documents and inadequate fraud detection systems.

The project, partly funded through the $120 million in extra funding last year from the Turnbull government, will be completed by next September and include a report on the industry’s prac­tices and the level of consumer harm.

Australians to own their own banking, energy, phone and internet data | Ministers Media Centre

The Turnbull Government will legislate a national Consumer Data Right, allowing customers open access to their banking, energy, phone and internet transactions.

Australians will be able to compare offers, get access to cheaper products and plans to help them ‘make the switch’ and get greater value for money.

New laws will give Aussies access to their bank, telco, energy data

The federal government has promised to introduce a national ‘consumer data right’ into law allowing consumers open access to their banking, energy, and telco data next year.

The consumer data right is intended to provide individuals information that will help them to compare offers, access cheaper products, and more easily switch to new services.

Australia inks another fintech agreement with the United Arab Emirates

The Dubai Financial Services Authority (DFSA) and the Australia Securities and Investment Commission (ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au) have signed a cooperation agreement, expected to provide mutual understanding on financial innovation in each jurisdiction.

The agreement follows the DFSA, which is charged with regulating of the Dubai International Financial Centre, setting up a number of initiatives aimed at encouraging fintech innovation, including the FinTech Hive accelerator program and the Dubai Future Accelerators, which comprises a nine-week program that pairs tech companies with government organisations.

Scott Morrison misses his chance to force the big four to do more for small business

Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 is frittering away a rare opportunity to force the big four banks to do a lot more to help small businesses.

Understandably, the heads of the big four are deeply worried about the prospect of a broad-ranging commission of inquiry into the sector, suspecting that a fresh public airing of grievances will only exacerbate anti-bank sentiment.

One phone between six people: Confusion as small businesses struggle with NBN switch

A Sydney-based small business has been left sharing one phone among six staff members after struggling to get connected to the national broadband network.

Big Splash Media managing director Peter Lynch’s small multimedia business is currently without internet or a landline, leaving staff to rely on a neighbouring business’ Wi-Fi connection, amid confusion about who is responsible for the delay.

SMEs can now expect invoices up to $1 million paid in 20 days 

The Government is now required to pay invoices to small businesses 10 days faster. The Turnbull Government has announced that any small business providing goods and services to the government will not be required to wait for their invoices to be paid. In a win for small- to medium-sized enterprises (SMEs), the government will now pay invoices for contracts up to $1 million within 20 days. This is a reduction from the current 30-day policy.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has welcomed the announcement, which she described as “game-changing” for businesses that provide services to the government.

Major barriers to SME investment explored by new report from Small Business Ombudsman

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 and boost jobs”.

The entrepreneurs struggling to get loans revealed: Ombudsman calls for overhaul on small business lending

The small business ombudsman has called for an overhaul of the systems that provide finance for SMEs, warning that some Australians are putting their retirement savings at risk by providing seed funding for their children’s businesses when they fail to obtain a loan.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) released its Barriers to Investment report this morning, citing the benefits of a government-backed bank similar to the British Business Bank when it comes to providing businesses with stable access to finance instead of relying solely on the big banks.

How to survive the Christmas blackout period

The Christmas Blackout period can bring Australian small businesses to a halt as wage bills take priority and payments begin to dry up. With everybody looking to preserve the cash they have available, business to business transactions begin to slow down from November through to February, leaving some business owners scrambling or tying themselves up in expensive, short-term loans.

Effectively, everyone is sailing down the same river, causing an industry-wide shutdown. Everyone is restricting cash outflows and this has a knock on effect industry wide – everyone is chasing everyone else for money, and no-one wants to let go of it for all the same reasons.

One in five startups founders have ‘no more runway’ after 2018, says Startup Muster CEO

In the wake of Startup Muster handing down its fourth annual report, co-founder and CEO Monica Wulff spoke to Dynamic Business about the portrait it paints of the local startup ecosystem including her concern for the one in five founders whose cash runways are fast running out.

This year’s report was informed by data from the largest online survey of the Australian community, conducted between July and August 2017, with participation from 1184 startup founders, 472 people who want to found a startup in the future and 739 respondents who identified as a business that could support startups.

Turnbull Government clampdown on multinational tax avoidance hits hybrids | The Hon Scott Morrison MP

Today’s release of exposure draft legislation to address hybrid mismatch arrangements reaffirms the Turnbull Government’s continued focus on strengthening the integrity of Australia’s tax system, and stamping out multinational tax avoidance.

The exposure draft legislation seeks to implement the recommendations of the 2015 Organisation for Economic Co-operation and Development (OECDOrganisation for Economic Co-operation and Development) report – Neutralising the Effects of Hybrid Mismatch Arrangements .

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