Franchise Council welcomes $2b boost for SME loans
As a major contributor to the Australian economy, small businesses and their franchises have been embroiled in a prolonged period of financial strain. The Franchise Council of Australia has welcomed the Federal Government’s initiative to act to underpin availability of credit for cash deprived SMEs.
FCA’s CEO Mary Aldred says “it’s always been a challenge for small business to access debt finance, but the situation has worsened as the banking Royal Commission has waved the big stick of stricter lending laws and loan serviceability rules”.
Small and medium businesses to save more than $300 million over four years
The Government is set to reduce reporting obligations for SMEs by raising financial reporting thresholds. It is predicted SMEs will save more than $300 million over the coming four years.
Approximately one third of companies having previously been classified as ‘large’ will not be required to comply with former financial reporting and audit requirements; reducing regulatory costs on businesses.
To read more, see: Small and medium businesses to save more than $300 million over four years
Inquiry into Class Action Proceedings and Third-Party Litigation Funders
On 13 November 2018 the Australian Institute of Company Directors (AICD) provided a supplementary submission to the Australian Law Reform Commission as part of its Inquiry into Class Action Proceedings and Third-Party Litigation Funders.
In this submission the AICD indicated its strong support for the proposed review of the legal and economic impact of continuous disclosure obligations and provisions relating to misleading or deceptive conduct on listed entities.
You can read the full AICD submission at: https://aicd.companydirectors.com.au/-/media/cd2/resources/advocacy/policy/pdf/2018/subm-2018-supplementary-submission-alrc-inquiry-class-actions-final.ashx
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