Growth in loans to businesses evaporates

RBA statistics for April recorded the slowest annual growth in credit for mortgages since the data was first collected in the late 1970s. The growth of lending to businesses flatlined in April while personal loans retreated for the seventh month in a row and annual property credit plummeted to unprecedented lows, central bank statistics suggest. The… Continue reading Growth in loans to businesses evaporates

Employers can help stamp out predatory lending

This year we have seen a significant power shift for consumers, with the government investing heavily in heightened financial protections. Through thorough reviews of bank reforms and consumer lending policies, control is slowly being readjusted back into the hands of the Aussie public. In fact, the 2019 Coalition government’s budget pledged $640 million to continue… Continue reading Employers can help stamp out predatory lending

National research reveals SMEs’ top five funding frustrations

Around 9 out of 10 Australian SMEs are frustrated about their business funding, naming onerous loan conditions, having to provide property security and a lack of flexibility as their major concerns. These are the findings of the latest SME Growth Index, conducted independently by banking market analysts East & Partners, on behalf of national working capital… Continue reading National research reveals SMEs’ top five funding frustrations

Banks rejecting SMEs for finance

The challenge of securing bank finance is seeing a growing number of small and medium enterprises (SMEs) turn to online lenders. One in four SMEs have been knocked back for bank finance Among SMEs rejected by a bank, one in three have turned to family/friends or a credit card for funding Of those SMEs that… Continue reading Banks rejecting SMEs for finance

Xero’s Small Business Insights shares key small business findings

The accounting app Xero share their Small Business Insights with us to shed light on what small businesses should be aware of, which is now made especially relevant with the federal budget announcement later today. The anonymous and aggregated data is collected monthly from hundreds of thousands of Xero’s Australian subscribers through the Xero platform.… Continue reading Xero’s Small Business Insights shares key small business findings

New inquiry into international initiatives that provide SMEs affordable access to capital

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has commenced an inquiry into international initiatives designed to address the funding gap for small to medium sized enterprises (SMEs). [Related: Small Business Ombudsman calls for Govt to consider UK approach to boosting SME finance, Major barriers to SME investment explored by new report from… Continue reading New inquiry into international initiatives that provide SMEs affordable access to capital

Small business loans in Australia: should you seek finance from a bank or an online lender?  

Considering the small business sector employs nearly half the national workforce and contributes around $380 billion to Australia’s GDP [1], it’s easy to see why it’s frequently referred to as the ‘engine room’ of the economy. Like all engine rooms, the sector requires sufficient fuel – in this case, working and growth capital – to… Continue reading Small business loans in Australia: should you seek finance from a bank or an online lender?  

Financial institutions might have to cede control to fintechs to unlock new growth

To avoid being disrupted, financial institutions are not just having to be far more experimental, in some cases they are having to cede control of their customers to fintech companies, according to Ian Pollari, the global co-leader of KPMG’s Fintech practice.  Speaking at the Financial Services and Technology: Financial Inclusion and Stability conference, held at the University of NSW this… Continue reading Financial institutions might have to cede control to fintechs to unlock new growth