News Pulse for September 26, 2018

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

Concerns over casual worker entitlements

The federal government is concerned casual workers could “double dip” into entitlements, as businesses push for a new ‘permanent casual worker’ category.

The NSW Business Chamber proposed the category after a recent Federal Court decision ruled a casual truck driver was entitled to annual leave, as he had a regular pattern of work for 12 years.

ANZ and Google in cloud deal for data analysis

ANZ Banking Group says a new partnership with Google will help it form insights from its vast troves of transactional data, after the prudential regulator said this week that banks aren’t prepared for “open banking “.

Using Google’s computing cloud to crunch data and offer insights to customers may form part of ANZ’s strategy for open banking, which will give customers easy access to all their banking information from mid-next year. Australian Prudential Regulation Authority chairman Wayne Byres said on Monday it will be tough for banks to comply with the government policy due to their complex technology systems and the widespread use of manual processes to manage data.

Alarming disillusionment among business owners

A startling number of business owners are disillusioned and have lost sight of why they are in business, My Business can reveal, in a worrying sign for the state of play for Australian SMEs.

In a recent poll on the My Business website, readers were asked the following question: Given the pressures involved with operating a business, why do you remain self-employed?

Small business backs ‘flexi’ plan

Small Business Ombudsman Kate Carnell has lent support to an ­employer push to create a new “perma-flexi” employee category, as unions warned mining ­companies that they could be ­complicit in breaking the law following a precedent-setting court ­judgment.

The NSW Business Chamber has applied to the Fair Work ­Commission to create the ­employee category in a bid to circumvent the court ruling they fear could cost business billions of dollars.

APRA warning for legacy banks

Banks and other incumbent financial service providers putting themselves at risk by neglecting investment in their legacy business systems amid pressure to avoid being disrupted by smaller, more agile FinTech start-ups, the prudential regulator has warned.

Australian Prudential Regulation Authority (APRA) chairman Wayne Byres said that the agency had was concerned that the desire to invest in cybersecurity and new technology platforms would be carried out at the expense of legacy systems which were already at risk of failure because they were – as he described – “a patchwork of systems that have been bolted together over many years”.

FinTechAus reels as CEO departs

The role and effectiveness of FinTech Australia has been questioned following the sudden departure of its CEO just four months in the role, with a prominent member of the FinTech community saying it had “failed miserably” to represent the sector.

There are now discussions within the sector about the creation of a new, representative body separate to FinTech Australia, InnovationAus . com understands.

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