Pulse Alert – News Pulse for March 13, 2019

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

NSW Labor unveils innovation policy

A future NSW Labor Government said it would appoint the state’s first chief entrepreneur and establish a new unit called Enterprise NSW as part of a commitment to simplify government’s approach to innovation.

“NSW Labor will place innovation at the heart of government, and it will sit within the Department of Premier and Cabinet. We all know if you’re serious about something you put it in that part of government and that’s what we’re doing,” Shadow Minister for Innovation Yasmin Catley has told InnovationAus.com.

MYOB bid expecting green light

The independent expert’s report into the takeover of MYOB by Kohlberg Kravis Roberts is expected to be released on Wednesday and will offer the stamp of approval to the $2 billion bid by the private equity fund.

Sources had said that the report was expected to be released midweek and was expected to rule that the bid is fair and reasonable.

No end in sight for credit squeeze

The banking royal commission is over but its negative effects on home lending are living on, so the credit squeeze for the economy will persist, says one of the country’s most senior bankers.

Lending to households declined 2.4 per cent in January after a 3.6 per cent slump in December, the Australian Bureau of Statistics said on Tuesday. Home lending has fallen more than 20 per cent in the last year, the biggest annual decline since the 2008 global financial crisis.

Buy-now-pay-later startup PayRight raises $30 million for filling a gap left by Afterpay and Zip

Having doubled their revenue quarter-on-quarter last year, and raised a total of $30 million in debt and equity funding, big-ticket buy-now-pay-later alternative PayRight is readying for international growth.

Founded in 2015 by brothers Myles and Piers Redward, PayRight actually preceded its better-known counterparts Afterpay and Zip.

ATO goes doorknocking in black economy crackdown

The tax office has announced that its investigators will be hitting the streets, visiting businesses directly as part of its ongoing crackdown on the “black economy”.

In a statement, the ATO Australian Taxation Office said that it will drop in as many as 500 small businesses across Tasmania, with areas in and around Launceston and Smithton a key focus for officers, who may show up unannounced.

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