News Pulse for July 9, 2018

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

Shorten on tax cuts notice

Tasmanian businesses have warned Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 he faces a backlash in the Braddon by-election over his plan to repeal legislated tax cuts for small and medium-sized businesses.

The Tasmanian Chamber of Commerce and Industry will today launch a new campaign to make small business a central issue in the crucial Super Saturday poll, with a checklist for voters to assess the policies of major parties.

Adelaide entrepreneur gets official backing from Sony to create international Shark Tank app – SmartCompany

Ever wondered if your product idea or disruptive new business concept could hold muster after being cross-analysed by a panel of Shark Tank investors?

Thanks to one Adelaide-based entrepreneur, you might not have to wonder much longer.

Business: Slash company tax to create jobs in SA

THE state’s business leaders are launching a new campaign to win support for company tax cuts, including the critical votes of South Australian senators, saying the policy is vital for creating jobs.

Business SA and the Business Council of Australia will today launch an advertising campaign which has the backing of major SA businesses including Thomas Foods International, Coopers, Kingston Estate Wines, Maras Group, Barossa Fine Foods and Balco Australia.

Open banking rules fuel financial planning shake-up

The financial planning industry is poised for a shake-up as the government’s plan to make it easier for customers to access banking data drives new technology that will allow advisers to respond in real-time to the changing financial circumstances of their clients.

Open banking will also change the financial advice industry by allowing advisers to tailor their offering to individuals.

Towards a frictionless economy

Celebrating the wide scale achievements of Australian small businesses never fails to remind me why I do what I do. But to truly make a difference, we also need to consider the challenges that hold businesses back from long-term security and growth, and what we can do to remove those obstacles.

According to our latest research, if you’re a small-business owner in Australia, it’s likely you operate with a fairly short-term focus. You’re not alone. The vast majority (73 per cent) of business owners plan no more than six months ahead, and that percentage includes almost one in three (31per cent) people who keep a day-to-day focus.

New policies to grow SMEs proposed by ombudsman

A new private-sector fund has been proposed by the industry ombudsman as part of a package of reforms to kick-start business credit growth after the Hayne inquiry exposed a market failure – banks are reluctant to supply patient capital for small businesses to grow.

With the Reserve Bank of Australia working on initiatives to improve SME access to capital and the banking royal commission considering bank misconduct towards small businesses and farms after its recent hearings, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has made eight policy recommendations to improve conditions in a recent report titled Affordable Capital for SME Growth.

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

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