News Pulse for October 2, 2018

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

Hayne will force banks to tap each other’s account data

There’s a clear takeaway for the fintech scene from the banking royal commission’s interim report: the major banks will have to get much more sophisticated at accessing and analysing spending data generated by customers.

Following  Kenneth Hayne’s blockbuster report , data policy inside the banks is no longer going to be viewed through the prism of customer experience but of regulatory compliance.

Around Australia with small business | Ministers’ Media Centre, Australian Government

Minister for Small and Family Business, Skills and Vocational Education Senator Michaelia Cash will be travelling over the next two weeks to small and family businesses around Australia to experience and hear from small businesses across the country.

Minister Cash will be visiting Adelaide, Perth, Albany, Brisbane, the Sunshine Coast and Rockhampton, meeting and working with small and family businesses from diverse sectors and discussing policies that will ensure they are able to prosper, grow and employ more Australians.

More professions set to be axed from skilled visas

Since announcing in April last year that the 457 visa would be scrapped, and it was ultimately replaced with a new and much stricter regime of short and medium-term skilled visas, the government has been making regular amendments to its list of eligible professions.

Alex Kaufman, solicitor and head of migration at FCB Smart Visa, told My Business that there are a number of professions likely to face the axe in the next major update by the government.

Royal commission: Ombudsman disappointed with lack of scrutiny over banks “aggressive behaviour” toward SMEs

Small business advocates have expressed disappointment with the interim report from the banking royal commission, which has poured cold water on the prospect of tougher SME lending regulations.

Commissioner Kenneth Hayne’s interim report, released last Friday, has drawn the ire of the Australian Small Business and Family Enterprise Ombudsman Kate Carnell, who says the likes of Commonwealth Bank (CBA) and Bankwest have escaped a degree of scrutiny over “aggressive behaviour” in their dealings with small business.

Hayne credit crunch already a reality for SMEs

If you want proof that the mere spectre of the royal commission is enough to change behaviour, look no further than the SME sector.

Royal commissioner Kenneth Hayne l eft SME lending well enough alone in his interim report , specifically signalling he wouldn’t bring small businesses under the protection of the consumer credit code.

Legislation to modernise business registers and introduce Director Identification Numbers released for consultation | The Hon Stuart Robert MP

The Government released draft legislation today to allow the modernisation of business registers and to provide better support for businesses in an evolving digital economy.

“Modernising the business registers will help transform the way business interacts with government, making it easier and faster to start and run a business. These reforms will support open data and encourage innovative uses of business data,” Assistant Treasurer the Hon Stuart Robert MP said.

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