Pulse Alert – News Pulse for February 22, 2019

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

Labor vows to dramatically expand bank compensation scheme

Australians will be offered unprecedented new rights to demand compensation from banks and finance companies in a Labor plan to recover personal losses of up to $2 million using dramatic retrospective powers.

Opposition Leader Bill ShortenHon Bill Shorten MP,  Federal Member for Maribyrnong Leader of the Opposition from 13.10.13 will vow to “make the big banks pay” for the misconduct revealed in the Hayne royal commission, escalating pressure on the industry to fund a more generous compensation scheme.

 

Ombudsman welcomes AFCA’s extended remit for small businesses

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell welcomed the announcement that the Australian Financial Complaints Authority (AFCA) will consider financial complaints from eligible small businesses dating back to 1 January 2008.

“This is a step in the right direction as AFCA currently only takes complaints going back six years,” Ms Carnell said.

 

Research highlights SME impact of royal commission

Independent research commissioned by Scottish Pacific has revealed further negative consequences from the royal commission and the lender’s

CEO is calling on the government to reconsider the proposed changes to broker remuneration.

Examining the impact on SMEs, Scottish Pacific polled 1,257 small business owners and senior managers across Australia between November 2018 and late January, asking them to comment on how lending conditions changed over the commission’s hearings.

 

Innovation department grilled over R&D incentive program

The department of industry, innovation and science was in the hot seat on Thursday defending its management of the research and development tax incentive program before senate estimates hearings .

The hearings covered a range of startup issues including science and technology education and women’s participation in technology, while Senator Kim Carr grilled the department over how it was enforcing the research tax incentives scheme.

 

Push for budget innovation revamp

The tech sector has called for a major revamp of the government’s innovation policy agenda so Australia can “reap substantial economic benefits”, with hopes riding on the upcoming budget.

A number of organisations have called on the federal government to provide a renewed focus on innovation-friendly policies in the April budget, with a focus on tax incentives, public-private collaboration and skills shortages.

 

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