News Pulse for July 3, 2018

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

Kate Carnell’s plan to close the small-business funding gap

Ombudsman announces 8 recommendations to improve small-business access to finance.

An investment fund established by the private sector and a new Government Guarantee Scheme are among the recommendations made by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell to improve access to finance for small businesses. The recommendations come off the back of the April 2018 inquiry,  Affordable Capital for SME Growth.

$2k cash payment limit ‘justified’

LOWERING the government’s $10,000 cash payment limit to $2000 “would be justified” to crack down on the so-called black economy even if it inconvenienced law-abiding citizens, Treasury has been told.

In a submission to a consultation paper seeking input on the implementation of the $10,000 limit announced in May’s Federal Budget , Big Four accounting firm KPMG said the proposal didn’t go far enough.

Recommendations to grow SME lending

A specialist lender has welcomed new recommendations from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to help increase the supply of capital to SMEs for growth.

Ombudsman Kate Carnell released the Affordable Capital for SME Growth report last week (29 June) with eight recommendations, which would also help to raise SME business owners’ awareness of alternative sources of finance outside traditional banking.

Recommendations to grow SME lending

A specialist lender has welcomed new recommendations from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to help increase the supply of capital to SMEs for growth.

Ombudsman Kate Carnell released the Affordable Capital for SME Growth report last week (29 June) with eight recommendations, which would also help to raise SME business owners’ awareness of alternative sources of finance outside traditional banking.

Recommendations to grow SME lending

A specialist lender has welcomed new recommendations from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to help increase the supply of capital to SMEs for growth.

Ombudsman Kate Carnell released the Affordable Capital for SME Growth report last week (29 June) with eight recommendations, which would also help to raise SME business owners’ awareness of alternative sources of finance outside traditional banking.

Is Labor gunning for small business?

If a week is a long time in politics, four days of last week must have felt like eternity for the Labor party and Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13. Having gone from promising to repeal the tax cuts for small businesses with an annual turnover of between $10 million and $50 million on Tuesday,  Shorten flip flopped like a fish out of water  and reversed his position on Friday.

The  original comment by Shorten , and the interview he gave when  announcing his backflip,  was further evidence of the major difference between the Coalition and the Labor party. On the one hand the Coalition believes in reducing the tax burden on small businesses, while the Labor party is clearly appealing to its power base of unions, workers and industry super funds.

Open Banking: A Chance to Shine

Lodex co-founder and CEO Bill Kalpouzanis, highlights the key role brokers can play as Australia catches up with open banking

The multibillion-dollar rollout of open banking promises to improve customer experience, generate new revenue streams for the financial services industry, and create a sustainable service model for underserved communities. It puts the power into the hands of consumers to shop around, directly and through brokers, if they feel in any way neglected by their banks.

Tech startup Unlockd gets non-binding takeover offer

As administrators McGrathNicol work through the possibilities presented by the sudden liquidation of former tech startup high flyer Unlockd, Street Talk understands it has received the first of what it hopes will be many acquisition approaches.

The Lachlan Murdoch-backed advertising technology company  entered administration in June , after a legal dispute with Google caused it  to pull well-advanced IPO plans .

Six Aussie fintech lenders sign on to code of practice to help SMEs get better loans – SmartCompany

A raft of Australian fintechs have signed a newly minted code of practice to improve transparency and bolster confidence in the small business lending space.

Released on Friday, the code was formulated and backed by Australia’s Small Business Ombudsman Kate Carnell, the Australian Finance Industry Association (AFIA), FinTech Australia, and lending advisory and SME advocate thebankdoctor.org, operated by Neil Slonim.

Open banking: a solution that’s looking for a problem to solve

It’s currently a hot topic across the financial services sector, but the jury is still out on just how much value open banking will deliver to Australia. Low awareness among consumers and challenges around compliance could see the concept wither and die before it’s had a chance to bloom.

Based on a system that is now in place within the United Kingdom, Australia’s forthcoming open banking system has been essentially modelled on the success of phone number portability. This regulatory change made it possible for people to keep their phone number and switch between different carriers in search of better deals or services.

London fintech delegation reveals deeper Australia-UK tech links

Ten Australian fintech start-ups are in London this week on a trade delegation arranged by the Australian British Chamber of Commerce, a sign of deepening ties between the two nation’s technology scenes.

While England’s game against Columbia in the World Cup and the tennis at Wimbledon offer potential distractions, so excited is the chamber about its official program it has coined a new acronym for it: The “ABFCC”, or “Australian British FinTech Cyber Catalyst”.

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

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