News Pulse for September 18, 2018

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

Australia’s $315bn opportunity

Australia’s strong economic growth is at risk unless it can capitalise on a $315 billion digital innovation opportunity, according to a new report from AlpAustralian Labor Party Advisors and CSIRO’s Data61 innovation agency.

The report, launched at a Brisbane conference, found Australia needs increases in productivity and new sources of export competitiveness to secure the country’s economic future.

‘The PM has backed our nation’s small businesses’: Michaelia Cash talks small business portfolio’s cabinet promotion

After being punted from the cabinet table by Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 in 2015, the small business portfolio has found its way back to cabinet under Morrison’s recalibrated government.

In a reassuring move for small business enterprise across the nation, Small Business Minister Michaelea Cash has vowed to capitalise on the portfolio’s promotion, setting her sights on tax reform and red tape busting to ease small business pain.

AI, VR and fintech in focus as Microsoft takes on its first Aussie start-ups

Artificial intelligence and financial services based start-ups provide the majority of the first cohort of global tech giant Microsoft’s first Australian accelerator program.

The  program, known as ScaleUp, was announced in February  and targets start-ups that have typically received initial funding and are looking to expand. It promises to help fast-track their growth by linking them with potential customers, Microsoft partners and technical guidance, without giving up any equity.

Dual standard demands probe

The threat to the Australian taxation revenue base caused by lack of community confidence in the ethics of the Australian Taxation Office has been multiplied as a result of The Weekend Australian report by legal affairs editor Chris Merritt.

Suddenly the actions of the ATO Australian Taxation Office and its former deputy commissioner Michael Cranston are in the spotlight for the reverse of ATO Australian Taxation Office abuses of small business — the ATO Australian Taxation Office is being accused of being too generous to rich families.

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