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Keeping finance fair: AFCA’s new small biz ombudsman prepares for royal commission compensation claims
Geoff Browne is preparing for a big year as the Australian Financial Complaints Authority’s (AFCA) first lead small business ombudsman.
The former Victorian small business commissioner put feet under desk only a week ago but is already preparing to field an influx of compo claims as the fallout from the banking royal commission continues.
If there’s a shining light in the Australian economy right now, it has to be the jobs market.
In comparison to other recent data, some may even describe it as the only shining light for the economy.
Australian Financial Complaints Authority has appointed Geoff Browne as its first lead ombudsman for small business.
Authority chief executive David Locke said the appointment was a positive move for the small business community.
Company directors and their advisers are braced for a flurry of civil penalty cases over “culture” breaches, as regulators focus on holding individual executives to account, bolstered by higher fines and political pressure.
The guiding principle for the Australian Securities and Investments Commission’s new Office of Enforcement targets law suits against individuals as well as their banks.
Disappointing wages growth and some forecasts that unemployment could start rising again are inhibiting the Reserve Bank’s capacity to deal with low inflation, slowing growth and falling house prices.
The Wage Price Index rose 0.5 per cent in the December quarter according to Australian Bureau of Statistics, slightly less than the consensus of economists expected, leaving the annual growth rate at 2.3 per cent which is below the RBAReserve Bank of Australia www.rba.gov.au’s expectation of 2.4 per cent
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