Within the debate of moving to a four-day working week, Australian companies need to measure and understand employee wellbeing. Sunil Vohra, co-founder of the world’s first independent and standardised index for measuring organisational culture, The Workability Index, highlights how critical it is for Australian businesses to move to measuring wellbeing as a key metric. “At Read More…
Lending to small business crucial to economic growth: Ombudsman
Thu 3 October 2019 - 4:05 pmFeatured | Media Releases
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, agrees with RBA Governor Philip Lowe’s view that small business needs support from our financial institutions.
“In cutting the official cash rate to an all-time-low of 0.75%, RBA Governor Philip Lowe made several pertinent observations about the credit squeeze affecting the Australian small business sector and how that’s affecting the economy more broadly,” Ms Carnell says.
“Most would agree with Dr Lowe’s comment that we will all be better off if businesses have the confidence to expand, invest, innovate and hire people.
“Dr Lowe says lending standards have strengthened, but the ‘pendulum may have swung a bit too far’ in some areas.
“Vitally, Dr Lowe made it clear that our financial institutions should support small businesses, stating ‘lenders should not be so scared of making a loan that goes bad that they don’t provide the credit the economy needs’.
“The RBA Governor’s advice should be heeded.
“The overwhelming feedback to my office from the small business community is that a lack of access to funding is their biggest barrier to growth.
“The most recent SME Growth Index revealed one in five SMEs are experiencing cash flow problems due to business loans being rejected.
“Even the Australian Banking Association has acknowledged that small business loan applications have fallen by 33% since 2014.
“It’s time we all sit up and listen to the RBA Governor. If our financial institutions change the way they do business with SMEs, it might just give small businesses the confidence they need to grow, which would be if significant benefit the Australian economy.”
- December 3 2019 Deloitte Australia crowned best Aussie workplace for new dads
- November 27 2019 PayPal partners with #BuyFromTheBush to encourage Aussies to “Give Better” this Christmas
- November 21 2019 Small employers – there’s 3 options if you aren’t using STP yet
- November 18 2019 Two month ATO deferral for bushfire victims in NSW and QLD