The CoSBA Broadcast March 2019

In this edition . . . MESSAGE FROM OUR CEO – MARCH 2019 HAYNE: ‘NO’ TO SME REFORM NEW DEFINITION FOR SMALL BUSINESS JUVENILES BEYOND THE LAW Hayne balks at calls for SME-lending reform and deputises ASIC as code cop Hayne recommendations are a death blow for smaller brokers Small business body urges tougher laws on shoplifters The instant asset …

MESSAGE FROM OUR CEO – MARCH 2019

HAYNE: ‘NO’ TO SME REFORM: The feedback on the Hayne Royal Commission form key small business organisations reported by SmartCompany 5.2.19, is that he “did not go far enough/disappointed” and “10% change, 90% continue as you were.” And, despite Small business ombudsman Kate Carnell calling (The Australian, 31.1.19) on “the Hayne royal commission, policymakers and regulators to work harder to …

Hayne balks at calls for SME-lending reform and deputises ASIC as code cop

SmartCompany, February 5, 2019 Banking royal commission head Kenneth Hayne has baulked at suggestions the regulatory framework governing SME lending needs to be overhauled, advocating more minor changes to the status quo. Releasing his final report into misconduct in the banking, superannuation and financial services industry yesterday, Hayne said he was “not persuaded” national consumer credit protections would benefit small …

Hayne recommendations are a death blow for smaller brokers

The Australian, February 8, 2019 Commissioner Kenneth Hayne’s recommendations in his final report into misconduct in the banking industry have immediately jeopardised the survival of more than 17,000 small businesses across Australia. That’s the number of mortgage brokers who rely on upfront and trailing commissions paid by the lender to survive. Take those commissions away and make the mum and …

Small business body urges tougher laws on shoplifters

February 8th, 2019, Cockburn Gazette. https://www.communitynews.com.au/cockburn-gazette/news/small-business-body-urges-tougher-laws-on-shoplifters/ LAWS need to become stronger to better protect small business owners from thieves, according to the Combined Small Business Alliance of WA. CoSBA chief executive Oliver Moon said an incident last month where the Kelmscott IGA X-press owner was charged after trying to hold a nine-year-old shoplifter until police arrived showed how desperate some …

The instant asset write-off just got better

SBDC small business news, 5.2.19 Have you heard of the Federal Government’s instant asset write-off? And that it’s about to get better? If you haven’t, you’e not alone. Research by American Express has revealed almost half of all small business owners are unaware of this initiative and that it could be of great help. Here’s a quick rundown on the instant asset …

Media Release: Juvenile shop theft

5 February 2019 There is increased alarm from small business owners of convenience and small retail stores in relation to personal safety and stealing. Some instances have come to light over the past few months of juveniles running amok and out of the reach of the law causing major problems for small business owners with impunity. “It is understandable that …

Facebook turns 15: Is the platform still worth the time for small businesses?

SmartCompany, February 4, 2019 In the past 15 years, a website which began as a ‘hot or not’ rating game for female Harvard students has become a $500 billion social-media behemoth with the power to disrupt global politics and send content viral overnight. While we can debate the merits of Facebook and social media until the cows come home, it’s …

Media Release: Finance Brokers’ Commissions

6 February 2019 The findings from the Financial Services Royal Commission are washing through the Australian conscience and indeed the economy. Whilst the behaviour of the major banks and financial institutions that have been exposed during the Commission cannot be condoned, the effects on some small businesses will be far reaching. The announcement from Josh Frydenberg, the Australian Federal Treasurer, …

Watchdog bites Gupta group over late payments

The Australian, February 8, 2019 The industrial group owned by British billionaire Sanjeev Gupta will immediately address overdue payments to suppliers in the South Australian steelworks city of Whyalla after meeting Australia’s small business watchdog. Small Business Ombudsman Kate Carnell yesterday spoke with senior GFG Alliance executives after her office received several complaints from businesses struggling with cashflow problems. Those …