News Pulse for August 6, 2018

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

ACCC to further increase enforcement work

Over the next year the ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. will further increase its enforcement action, expand its work on data, algorithms and digital platforms, and increase the use of its powers to gather evidence in complex merger investigations, ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. Chair Rod Sims told the members at the Law Council of Australia’s Business Law Section annual general meeting held in Sydney tonight.

Recently, the ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. has won three significant consumer protection penalties: $10m for Telstra; $10m for Ford; and $9m for Apple.

Consumers lack knowledge of open banking

Major banks have less than a year before the first phase of the new open banking rules take effect, but a recent survey has revealed that as many as 83% of consumers are either not aware or not sure about the changes on the horizon.

Likewise, two-thirds of Australians are unwilling to share their financial data with non-banking organisations, according to the same poll conducted by Accenture. The findings underscore the challenges faced by fintech companies and other digital giants in taking market share from established financial firms, the poll found.

Most Australians are still reluctant to share personal financial data with fintechs

Australians aren’t quite ready to start sharing their financial data with fintechs and app developers wanting to disrupt the banking industry when Open Banking regulations start from July next year.

A survey by professional services group Accenture of more than 2,000 Australians found that two-thirds (66%) are unwilling to share their financial data with non-banking organisations.

Industry says ACT jobs code will push price of public projects up

Federal small business minister Craig Laundy has sought urgent advice over ACT laws that could force companies to choose between working for the ACT government or the Commonwealth, as industry groups say the legislation could drive up the cost of public projects.

ACT workplace relations minister Rachel Stephen-Smith introduced draft legislation on Thursday that would force all companies that want to tender for ACT government work to undergo an audit to prove they had not ripped off workers.

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