News Pulse for October 25, 2018

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

Victorian startups need more founders to “take the plunge” as local startups struggle for angel investment

Victoria’s startup ecosystem is growing, according to LaunchVic’s 2018 Mapping Victoria’s Startup Ecosystem report. But, while diversity stats are moving in the right direction, there is still more work to be done, and early-stage startups may not be getting the breaks they need.

The report surveys 2,771 startups in Victoria, a leap from the 1,600 surveyed last year, finding since 2010 the ecosystem has been growing at a rate of 23% per annum.

Aussie fintechs “flexing their muscles” after strong showing in KPMG’s Fintech100 list

A handful of Australia’s most successful and emerging fintechs have been named on KPMG’s Fintech100 list, with the report revealing booming investment and growth of fintech companies across the globe.

The list, which is compiled by investment firm H2 Ventures and big-four accountant KPMG, is split into two, with companies either making the ‘Leading 50’ or ‘Emerging 50’ list.break”>

Low pay for Uber, rideshare drivers

Drivers for Uber and other rideshare companies are being ripped off, assaulted, threatened and racially abused, a new survey reveals.

The survey of 1100 drivers released on Wednesday says more than 60 per cent reported earning below the average hourly $16 rate, before costs such as fuel, insurance and car maintenance.

New Encryption Laws May Have Unintended Consequences

With the government’s assault on privacy continuing as it tries to push through legislation that will give it powers to overcome strong encryption, it’s worth looking at how badly worded legislation can result in unintended consequences. And there is a precedent to consider.

Once of the curious aspects of the “ Telecommunications and Other Legislation Amendment (Assistance and Access) Bill 2018 ” is that “encryption” is mentioned just once in the new laws. On one hand, this is fairly typical. Governments don’t want legislation to be written so that it only applies to a narrow set of criteria. Particularly when it comes to technology, things can change and you want laws that can be applied to new technologies without having to be rewritten.

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