A daily download of SME, startup, fintech and tax news from around Australia.
Open banking is set to reshape the way customers access their data and banks and other financial institutions are now getting ready to start implementing the system from next year.
Australia’s four major banks must have implemented an open banking standard by 1 July 2019 and other banks will need to follow by the same time in 2020.
Banks have admitted to lending-related fraud, abuse of small business trust and fee errors in comprehensive answers to questions from the banking royal commission.
Inappropriate sales practices and mistakes on account and loan fees were two key themes to emerge from the banking community’s responses to questions from the royal commission, though the big four banks said they were largely isolated incidents.
The upcoming mid-year economic and fiscal outlook (MYEFO) is shaping up to be a Christmas stocking for small businesses, with the government planning to unveil a suite of new policies to round out its SME agenda in the lead up to the 2019 election.
Minister for small and family business Michaelia Cash says the government is considering whether to again extend its instant asset write-off scheme in the lead up to the mid-year update.
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