News Pulse for October 16, 2018

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

SMBs suffer trust deficit: HP study

Australian consumers are increasingly choosing to not share their personal information with small to medium businesses because of growing privacy concerns, according to the latest IT security study by tech giant HP.

According to the study, the lack of consumer trust poses a serious headache for small businesses that rely on customer data to better tailor their services to meet the needs of the market, with 46 per cent of the SMBs surveyed saying that their customers are opting out of data collection and sharing.

More than half of SMEs not online

A surprising number of Australian businesses don’t have a website, with new research from domain name outfit GoDaddy showing that 60 per cent of small businesses are still yet to get online.

The internet domain registrar and web-hosting company’s chief revenue officer Andrew Low Ah Kee told The Australian he thinks there are some big fallacies holding local SMEs back and preventing them from getting a website, despite Australians spending on average 10 hours a day on internet-connected devices.

ACCC calls for more protection for franchisees

ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. deputy chair Mick Keogh (pictured) has called for changes to Australia’s Franchising Code of Conduct in a speech delivered at the National Franchise Convention Legal Symposium in Melbourne.

He said Australia’s Franchising Code of Conduct needs strengthening to better protect franchisees, including significantly increased penalties for breaches, and requiring improved and more meaningful information disclosure to franchisees.

Trading names to continue to be displayed for a further five years | The Hon Stuart Robert MP

The Government is giving businesses more time to register a business name by extending the display of trading names on ABN Lookup.

“Although all businesses have been required to register a business name since 2012, many small businesses have continued to operate with a trading name under transitional arrangements that were set to expire on 1 November 2018,” Assistant Treasurer the Hon Stuart Robert MP said.

The peril and promise of open banking

It seems an age since then-Treasurer Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15 called on the open banking sector to not “stuff it up” at the annual FinTech Awards shortly before he became Prime Minister.

Now the music has stopped and we have a PM who has proven he is not a luddite . But what concerns me, and I suspect the sector as a whole, is that the federal government could be in the process of doing just that – stuffing it up – by not following world’s best practice in the implementation of open banking.

NAB backs smart receipts start-up Slyp

A smart receipts start-up co-founded by two former PayPal executives and an ANZ executive, Slyp, has raised $2 million in funding from some of the country’s most significant fintech funds.

NAB Ventures and Westpac’s Reinventure have both backed the company in its latest raise, as it aims to “not just digitise receipts, but bring them to life”.

‘The future of advice’, Address to Association of Financial Advisers National Conference, Gold Coast, Queensland | The Hon Stuart Robert MP

It’s great to speak at this year’s AFA National Advisers Conference. It’s wonderful to have so many financial advisers here supporting our local economy.

As many have said since the conference opened on Wednesday, the financial advice industry is an important part of the wider Australian economy, generating $4.8 billion in revenue and employing tens of thousands of people.

The industry serves a critical role for consumers.

Data economy drives dynamic changes

ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. Chair Rod Sims discussed the local and global issues in regulating the data economy in a speech delivered in Sydney today.

Mr Sims examined the difficulty regulators face in determining the competition impacts when dynamic data companies merge, consumer issues and how the ACCCAustralian Competition and Consumer Commission The ACCC is Australia's competition regulator and national consumer law champion. is well placed to take enforcement action in relation to data issues.

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

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