The Federal and Victorian governments will fund a joint support package to give Victorian small and medium businesses the extra help they need to recover from the recent lockdown. The new Victorian Business Support Package will deliver an additional $400 million in support to thousands of businesses, with funding to be split 50/50 between the Federal… Read more »
Australia is going to introduce US-style insolvency laws for when small companies get into financial trouble
The Morrison government will make sweeping changes to the insolvency system to improve the chances of saving small businesses hit by the pandemic. The reforms – which are described as the most significant for three decades – will cover three quarters of businesses currently subject to insolvency, almost all of which have less than 20… Read more »
The eligibility test for the JobKeeper wage subsidy has been changed by federal Treasurer Josh Frydenberg in a nod to the compulsory shutdown of thousands of Victorian businesses this week due to the state government’s stage 4 restrictions. The Treasurer has eased the criteria, which also applies nationally, so businesses now only have to show… Read more »
Getting paid has turned into a massive $776 billion problem for small business that’s getting worse due to covid-19
The time taken to pay small businesses has blown out in the wake of the coronavirus crisis, leading to the SME sector to call for federal legislation to ensure they can manage their cash flow effectively. Research commissioned by financial services firm Scottish Pacific found businesses with an annual revenue of $1-10 million have been… Read more »
Commercial tenants hit hard by COVID-19 will have more protection from eviction the NSW government says under a range of new measures in a $440 million land tax relief package announced on Sunday. The measures apply to commercial leases where coronavirus has caused a tenant is in financial distress, including shops, cafes, gyms, hairdressers, restaurants,… Read more »
Accountancy software company MYOB has released a Business Preparedness Guide to help small businesses find their way through all the information and tips on how to successfully face the COVID-19 crisis. MYOB CEO, Greg Ellis, says the rapidly changing situation made it challenging for businesses to keep on top of the latest advice and available… Read more »
‘Gourmet Farmer’ and small business owner Matthew Evans on resilience and hope in the time of coronavirus
Matthew Evans runs his family small business, Fat Pig Farm, near the Huon River in Southern Tasmania with his partner, Sadie Chrestman. The farm has a market garden, pigs and dairy cows. They’ve been building the business for nine years, and in 2016 launched a cookery school, produce store and restaurant serving their home-grown produce.… Read more »
The Australian Banking Association announced a range of measures by the nation’s leading financial institutions on Friday as part of the response to the economic crisis caused by the COVID-19. The measures follow an $80 billion pledge by the RBA to buy government bonds to support the banks in lending to small and medium… Read more »
Banks will offer small businesses a six-month deferral on their business loan repayments as part of the finance sectors response to Covid-19. Australian Banking Association CEO Anna Bligh said the move will “deliver up to $8 billion back into the pockets of small businesses” across more than $100 billion worth of business loans Bligh said all… Read more »
Small business insolvencies have risen 20% over the last quarter, an increase of 8% year-on-year in an ominous sign for the Australian economy, with CreditorWatch CEO Patrick Coghlan saying the latest data is “the canary in the coal mine”. Coghlan suggests the rise in businesses being declared insolvent doesn’t bode well for the economy. Coghlan’s… Read more »
The NSW government released a new report today from the state’s Innovation and Productivity Council (IPC) looking into the state of business there. The IPC’s Business Size Report cast its eye over more than 1.17 million businesses, from sole traders to large companies. It is based on 2015 data from the ABS BLADE… Read more »
Facebook has announced a suite of new tools aimed at small business owners to assist them in saving time and money when creating resources for their social media campaigns. The new tools include an Automated Ad feature which will easily allow small business owners to create a targeted campaign based on their unique goals; a… Read more »
The government’s announcement of a $3.6 million package to support the mental health of small business owners has been welcomed by the business community.
The government has thrown its support behind the nation’s SMBs with the announcement of a major new fund using Commonwealth bonds to back small business.
75 per cent of Australian SMB owners said they can’t be sure they’ll be able to pay their own bills on time due to unpaid invoices.