Pulse Alert – News Pulse for July 12, 2019

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

Start-ups ‘need support’

The 2019 Startup Genome Ecosystem Report paints a grim picture for start-ups in Australia, with Sydney falling down global innovation rankings and Melbourne failing to crack the top 30.

David Burt, the executive manager and co-founder of CSIRO’s ON accelerator program, thinks one of the major problems in Australia is a lack of post-program support for start-ups after they finish accelerator programs.

Only 5% of SME owners able to ‘truly’ take holidays

New research reveals that one in two SME owners haven’t taken a break from their business in over six months.

Running a small business is more than a job – it’s a 24/7 commitment, and new research by leading online lender OnDeck highlights the challenges small and medium enterprise (SME) owners face trying to take time off from their business.

Only one in two (50%) SME owners have had a holiday in the last six months. Over one in four (26%) haven’t had a break for at least four years. A small minority (6%) say they have never taken any time off from their business.

Cash push for VET ‘upgrade’

Vocational education should not be seen as less important or lucrative than a university degree, and the VET sector must urgently work with business to prevent skill shortages in crucial industries, Employment Minister Mich­aelia Cash will tell a conference today.

Department of Jobs and Small Business statistics show that plumbing and bricklaying are in Australia’s top five vocatio­ns with a skill shortage, despite the average bricklayer’s weekly total earnings of $2070 last year, compared with plumbers on $1894 and the average Australian adult on $1666.

“Made in Australia”: True Aussie tech companies are the key to a strong startup ecosystem, says MOVUS founder Brad Parsons 

Brisbane IoT startup MOVUS is riding a wave of growth following a $4.8 million funding round last year, but founder Brad Parsons says further growth of the Aussie ecosystem depends on our capability to hang on to tech talent.

Founded in 2015, MOVUS manufactures IoT devices allowing businesses to monitor, manage and maintain their machinery.

Australia’s VET system set to shape our future workforce | Ministers’ Media Centre, Australian Government

The Morrison Government’s renewed commitment to the Vocational Education and Training (VET) sector will make it central to shaping Australia’s workforce for the future.

Speaking at the 28th National Vocational Education and Training Research Conference today, Minister for Employment, Skills, Small and Family Business, Senator Michaelia Cash, said she would lift the profile of Australia’s VET sector and aim to make it the first choice in post-school learning for millions of Australians.

ASIC beneficiary of data retention regime

In a submission to the parliamentary inquiry into the data retention regime, ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au revealed it had used the laws 4,982 times to investigate white-collar crimes.

The data retention laws require companies to retain phone and internet records for all Australians to assist law enforcement authorities like ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au.

Data retention costs snowball

The cost of complying with Australia’s mandatory data retention system, which has been used by police to access journalist’s communication records, has snowballed to more than $200 million, according to the national regul­ator for telecommunications.

Data retention complication cost, exclusive of data retention industry grants, was $211.5m over four years, the Australian ­Communications and Media Authority said in its submission to a parliamentary committee that is reviewing the four-year old data retention compliance regime.

The financial challenges small Aussie businesses are facing

Small business is the engine room of the Australian economy and with the numbers of small businesses growing rapidly, allied to the explosion in the ‘gig’ or ‘sharing’ economy, there are thousands of Aussies confronting the challenge of getting a business off the ground for the first time.

So, if you’re a budding entrepreneur, what do you need to know to make your business a success and which pitfalls do you need to avoid?

Tips, comments or suggestions? Let me know in the comments, send me an email or tweet me @simeonduncan.

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