Former Small Business Minister Michael McCormack has been sworn in as the Deputy PM, having secured the leadership of the Nationals in the wake of Barnaby Joyce’s resignation. According to Fairfax, McCormack has signalled he will seek to reverse the Turnbull Government’s decision to move the small business ministry to the cabinet in 2015. […]
A cabinet reshuffle has been announced by Prime Minister, with Michaelia Cash named Minister for Jobs and Innovation, and Craig Laundy promoted to Minister for Small and Family Business, Workplaces and Deregulation. Cash, formerly the Minister for Employment and Women, assumes responsibility for a new portfolio focused on jobs creation as part of her reassignment. […]
Federal Government agencies are paying 96% of their small business contractors within thirty days of receiving an invoice, according to a new report. Minister for Small Business, Michael McCormack said the latest Pay On-Time report also found agencies were paying 60% of invoices up to $1 million within 20 days, and that the overall results […]
To help small businesses get online and reach new markets through digital platforms, the Federal Government has overhauled its Australian Small Business Advisory Services (ASBAS) program, Minister for Small Business Michael McCormack has announced. McCormack said the redesigned program will allocate $18 million in grants over three years to specialist advisers who will engage with […]
The Federal Government will begin paying small business suppliers ten calendar days sooner to improve their cashflow, it has been announced. Under the Government’s revised ‘pay on time’ policy, Small Business Minister Michael McCormack said federal agencies and entities will be required to pay invoices for contracts worth up to $1 million within 20 calendar […]
A survey of 1280 SME operators has found that nearly half (49.6%) had relied on unfair contract terms legislation, implemented last year, to negotiate fairer terms with big businesses during the past six months. Conducted by East & Partners, the SME Transaction Banking survey also showed that nearly four in five respondents (78.2%) were aware […]
Reforms to the Competition and Consumer Act 2010, which took effect this week, will level the playing field between small and big businesses while providing consumers with increased choice and better services in the market place, according to Small Business Michael McCormack. Commenting on the commencement of the Competition and Consumer Amendment (Competition Policy Review) […]
Nearly 300,000 small businesses have taken advantage of the Federal Government’s $20,000 instant asset tax write-off scheme, according to 2015-16 tax office data. The data was revealed by Minister for Small Business Michael McCormack, who described the instant asset write-off program as a “shot in the arm” for small businesses. “The instant asset write-off is […]
By extending payment times to small businesses in the supply chain, large Australian and multinational organisations are effectively using them as ‘a cheap form of finance’, according to a new report by the Small Business and Family Enterprise Ombudsman (ASBFEO). The report, which responds to the Ombudsman’s inquiry into payment times and practices, highlighted the […]
Despite voicing a preference for ‘shopping small’, Australian consumers are increasingly transacting with large organisations, further widening the gap between small and big businesses in the spend stakes, according to new research from American Express. Commissioned by American Express in support of its month-long Shop Small campaign, which runs throughout November, The Economy of Shopping […]
