MESSAGE FROM OUR CEO – May 2018

ENGINE ROOM HUB (ERH): WA’s first dynamic online business community and a trusted source of support for entrepreneurs who are running, growing or starting a business and supported by CoSBA was launched on 30 May 2018.

The platform gives businesses a chance to connect, learn and grow.  Straddling both the digital space and the world of human interaction, it will provide genuine promotion and exposure opportunities.   Our peer-support program will deliver access to relevant advice when you want it, where you want it – online!  With plenty of occasions to meet face-to-face at ERH events, you will be able to tap into a support network of shared know-how that will make YOUR business a success!

If you haven’t already done so – check it out at: https://engineroomhub.com.au/

A BIG KICK IN THE GUTS” FOR SMALL BUSINESS: “Business groups have responded angrily to Opposition Leader Bill Shorten’s decision to roll back most of the legislated tax cuts for small and medium-sized firms, with one calling it a “big kick in the guts.” . . . Small Business Minister Craig Laundy says Bill Shorten today declared war on small and family businesses.”

AN ECONOMIC FIASCO FOR SMALL BUSINESSES?: The banking royal commission continued in the beginning of June hearing small business matters. As a by-product of the outcomes Janet Albrechtsen in her opinion piece published in The Australian, June 6, 2018, headed ‘Beware a bank-bashing show trial of gotcha tricks and sob stories’ sounds a salutary note, she writes: “Given the commission’s choice of witnesses, some experts predict more red tape governing lending to small business. While counsel assisting seems to have accepted that responsible lending laws that already apply to residential lending should not extend further, some tightening of SME lending laws — for small and medium-sized enterprises — seems inevitable.

If so, that could be an economic fiasco for small businesses, driving up the cost of lending and restricting its availability. Analysts and even the Reserve Bank hint at a credit crunch if this happens. Jobs will be lost, businesses destroyed.” (emphasis added)