Pulse Alert – News Pulse for July 17, 2019

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

457 visas did more good than harm, says CEDA

Good luck finding security pros without temporary migrants, says think tank.

The Committee for Economic Development of Australia has said that constant changes to temporary skilled migration schemes like the 457 visa have been perhaps more harmful than the visas themselves.

In a report released yesterday, titled “Effects of temporary migration”, the committee (CEDACEDA - Committee for Economic Development of Australia) concluded that “key concerns around temporary skilled migration, such as impacts on local workers as a result of visas such as the 482 and its predecessor the 457, are unfounded.”

How the Australian government stitched up its own tax office 

If there was ever going to be an unenviable time to work for the tax office, the start of financial year 2019-20 would be it.

End of financial year is meticulously planned by the ATO Australian Taxation Office, and usually, the intricacCommunications Access Co-ordinatories of tax regulation or a temporary outage in online services would go unnoticed by most.

Banking products top list of customer complaints as grievances soar

More than 60 per cent of cases brought to Australia’s new one-stop financial complaints authority in its first six months were related to the banks, with credit issues the top concern as complaints soar.

The Australian Financial Complaints Authority received more than 35,000 complaints in its first six months of operation, which is 25 per cent ahead of its forecasts and 35 per cent more than the averages seen under previous schemes like the Financial Services Ombudsman.

New alliance between COSBOA and Family Business Australia 

The Council of Small Business Organisations today announced a newly formed alliance with Family Business Australia (FBA). The partnership is set to provide greater representation to the small and family business sectors across Australia in delivering joint advocacCommunications Access Co-ordinatory and representation at government level. The alliance will allow the two organisations to work closely together while maintaining their autonomy.

Peter Strong, CEO of COSBOA Council of Small Business Australia, said “the passion and the capacity of family business is well known. Together with the broader small business community, they aren’t just a key part of the economy and employment; they also make our sports and welfare sectors viable and add to our diverse and colourful culture.”

Bank caution still weighs on SMEs

ANZ’s niggling doubts over the impact of the prudential regulator’s decision to lower the bar for borrowers to show they can afford home loans are well-founded, particularly when it comes to the provision of credit to the small business sector.

ANZ’s economic team upgraded its forecasts for the property sector on Tuesday morning, suggesting the combination of interest rate cuts, the Coalition’s election victory and the changes made by the Australian Prudential Regulation Authority to loan serviceability criteria would mean a period of stability for property, after two years of decline.

Fintechs need ‘competition champion’ in APRA

The prudential regulator has been advised to create a “competition champion” inside the organisation so its traditional priority of financial safety does not block new banking competitors, such as emerging fintech firms.

The 24 official recommendations by former competition regulator and investment banker Graeme Samuel include a view the Australian Prudential Regulation Authority was slow to embrace new entrants and risk-averse to new technologies in the finance industry.

Accountants demand compo for ATO outages

As record numbers of people rush to lodge their tax returns , accountants have called for better access to compensation after major ATO Australian Taxation Office outages and “defective” public administration.

The federal government is reviewing compensation rules for damages arising from failures by bureaucrats and official systems, in cases where there is no legal requirement for redress payments.

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