THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell is seeking feedback on the ground-breaking Business Funding Guide.

The guide, released in July by ASBFEO in partnership with Scottish Pacific Business Finance, is an industry-first publication primarily written for accountants, bookkeepers, brokers and other financial advisers, to help their small business clients find the right funding and get ‘finance fit’ to increase their likelihood of having funding applications approved.

Its companion guide – FitsME- Essential Guide to Business Funding gives small business operators the most important information they need to know about preparing to apply for finance.

“The overwhelming feedback from the small business community is that a lack of access to funding is their biggest barrier to growth,” Ms Carnell said.

“The Australian Banking Association (ABA) has even acknowledged that small business loan applications have fallen by 33 percent since 2014.”

While ASBFEO and Scottish Pacific consulted widely with adviser associations and other key stakeholders representing the small business sector to produce the first edition of the guide, feedback is now being sought to finalise the guide.

“We welcome feedback on the content and usefulness of the guide from all interested parties," Ms Carnell said.

“At the moment this is a living document that can be amended and improved based on the feedback we get, with a final version of the guide to be available later this year.

“Importantly, this guide is designed to help small businesses become ‘finance fit’ to give them their best chance at securing the funding they need.

“Our Business Funding Guide offers comprehensive information on the range of financial products on the market – it’s crucial small business understands that the big four banks are not the only game in town," she said.

“There are so many variables in running a small business, but the one constant is that SMEs need funds to grow,” Scottish Pacific CEO Peter Langham said.

“By incorporating broad feedback, the guide will be able to really engage businesses and their advisers about a wide range of bank and non-bank funding options and give them the tools to find the right one for them.”

Ms Carnell said while the guide covered a wide range of funding options, for those small business operators considering obtaining finance through a mainstream financial institution, the ABA is promoting its website financingyoursmallbusiness.com.au which is a helpful resource.

Provide Business Funding Guide feedback by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. before the October 18 deadline.

www.asbfeo.gov.au

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CPA AUSTRALIA has welcomed and said it supports the Federal Government’s announcement of an extension to the transition period for registered financial advisers to meet the examination and education requirements of the new standards.

CPA Australia’s public practice manager Keddie Waller said, “While we are supportive of the principles of these reforms, it is important to balance their impact against maintaining the ongoing availability, quality and affordability of advice, as stated by the government.

"The additional one year granted by the government to complete the Financial Advisors Standards and Ethics Authority (FASEA) exam and the additional two years granted to meet the FASEA qualification requirements will help smooth the transition for financial advisers,” Ms Waller said.

“We note, however, that there are elements, such as recognition of prior learning, that are still being finalised by FASEA.

“CPA Australia will continue to work closely with the government and FASEA to help smooth the transition for our members, as there are further opportunities for improvement.”

www.cpaaustralia.com.au

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THE House Standing Committee on Agriculture and Water Resources will launch an inquiry into growing Australian agriculture to $100 billion by 2030.

Australia’s agricultural industries currently generate products valued at approximately $60 billion annually. The National Farmers’ Federation has suggested that with careful planning and investment this figure could grow to $100 billion by 2030.

Rick Wilson MP, chair of the Agriculture and Water Resources Committee, stated that "the global demand for food is projected to grow 54 percent by 2050. Australian agriculture is well placed to make a significant contribution to supplying this growing demand and in the process increase its value and profitability".

"Whether it be improving market access, investing in marketing, or embracing innovative technologies that increase the efficiency, sustainability, and productivity of our farms, the Committee is interested in all the opportunities available to drive growth in Australian agricultural businesses in the coming decades," Mr Wilson said.

The Committee is accepting submissions to the inquiry until Monday, 14 October 2019. For further information on making a submission please visit the inquiry website.

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THE Financial Planning Association of Australia (FPA) has welcomed the Federal Government’s announcement that it will give existing financial planners more time to pass the Financial Adviser Standards and Ethics Authority (FASEA) exam and comply with the FASEA education standard.

Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, announced today that the Federal Government will restore the full two-year period to pass the exam by extending the deadline for 12 months to 1 January 2022. The government will also extend the deadline for meeting the FASEA education standard by 24 months to 1 January 2026.

Dante De Gori, CEO of the FPA, said the government’s decision to announce their intention to extend the original deadline means existing financial planners are no longer being unfairly disadvantaged by delays from FASEA in rolling-out its exam and its new code of ethics.

“The government has done the right thing by proposing to extend the deadlines for all existing financial planners to sit and pass the FASEA exam and meet the education standard," Mr De Gori said.

“The proposed new deadlines will give existing financial planners more time to study, ensuring that these reforms are successful at raising the bar across the profession.

“We’re pleased that Minister Hume has listened to the feedback from our members and been willing to work with the FPA and AFA jointly to deliver a better outcome for all financial planners and their clients.”

THE Institute of Public Accountants (IPA) has engaged senior adviser to the Office of International Trade at the US Small Business Administration (SBA), Eugene Cornelius, Jr to present and co-facilitate a major conference focusing on Australia’s flagging productivity on September 4 and 5 at Deakin University Downtown in Melbourne.

Mr Cornelius was responsible for the establishment of the SBA’s Office of International Trade and previously, as deputy associate administrator of that Office, overseeing four program divisions: Federal State and Trade; International Trade Finance; International Affairs & Trade Policy; and Administration & Operations.

In addition to his SBA role, Mr Cornelius has accepted a one-year detail with the International Council for Small Business (ICSB), with headquarters in Washington DC.

Mr Cornelius will be joined by fellow American, Dr Winslow Sargeant.  Dr Sargeant is ICSB’s President Elect and Managing Director of S&T.  Previously, he was the Chief Counsel for Advocacy appointed by and reporting direct to President Barack Obama.  Dr Sargeant was also a managing director at a Madison, Winsconsin-based capital firm, Venture Investor LLC.

Mr Cornelius and Dr Sargeant will form part of a large line-up of talented presenters at the Small Business: Big Vision event being run by the IPA Deakin SME Research Centre on 4 and 5 September 2019.  Keynote speakers include the Hon Michael Sukkar MP, Minister for Housing and Assistant Treasurer, and Ms Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman.

Other international speakers include: Prof Charles Matthews, University of Cincinnati; 2017-18 Fulbright US Scholar, USA; and Ms Diah Yusuf, entrepreneur, business consultant, Vice President ICSB, Indonesia.

Details of the program can be found at:  www.publicaccountants.org.au/events/smallbusinessbigvision

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BP AND DAVID JONES are partnering to create all-new centres of convenience and "shape the way Australian consumers shop for food".

The partnership combines David Jones Food’s exclusive, high-quality product range with BP’s global expertise in convenience retailing and national footprint, giving customers access to locally-sourced, ready-made meals and other fresh, quality offers at selected BP sites.

The new range will see more than 350 products on offer, including food-for-now and food-for-later options, as well as a diverse range of fresh items such as sandwiches, sushi and David Jones Food’s top-selling free-range rotisserie chicken, plus pre-prepared meals and long-life groceries.

Over the next six months 10 sites, strategically positioned around major arterials and key suburban regions of Melbourne and Sydney, will be transformed to showcase the new offer that has been designed with busy, urban, health-conscious customers in mind.

Brooke Miller, BP Australia vice president sales and marketing said BP was thrilled to be partnering with David Jones; the two companies share a passion for customer excellence and are equally driven to deliver best-in-class, high-quality convenience offers.  

“The traditional service station offer of today will not fulfil the retail customer needs of tomorrow.

BP’s vision is to transform convenience retailing in Australia, and enhancing our brand via strategic partnerships underpins our strategy to deliver market-leading fuels, technology, rewards and convenience offers to Australian consumers,” Miller said.

“The new stores will invite customers to explore the future possibilities of retail convenience in Australia. Drawing on the very best of each partner, the contemporary design will be ideal for our customers to shop the fresh, vibrant David Jones Food range or enjoy BP’s Wild Bean café.

“Multiple shopping missions will be catered for and BP’s high-quality offers won’t change; premium fuels will be available on the forecourt, the core range of drinks, snacks and café items will remain, and customers in a rush will be able to use the BPme app or a self-serve kiosk to beat the queue,” she said.  

Pieter de Wet, managing director David Jones Food, said: “The launch of this partnership marks an exciting new chapter for David Jones Food. Consumer behaviour is changing and demand for fresh, food-for-now and food-for-later options continues to grow. Customers expect convenience and quality to go hand in hand, and our collaboration with BP enables us to share the David Jones Food offering with more customers than ever before.

“This product range combines innovation with freshness and taste to deliver an offering that is both convenient and of the highest quality. We are committed to the ongoing development of the range and together with BP see an opportunity to deliver an experience that fits with the busy lives and changing needs and preferences of our customers.”

The partnership reflects the evolution of convenience retailing and global urbanisation trends. Household sizes are getting smaller and the notion of three seated meals a day and an hour of grocery shopping on the weekend no longer holds for many busy Australians. Customers are eating on the go more frequently and planning their meals in advance less and less.

With Australians doing their grocery shopping via multiple smaller shops, small-format convenience stores are playing an increasingly important role. In fact, studies show 48 per cent of consumers* visit petrol and convenience stores for eating, drinking or snacking options between meals.

Insights garnered from the initial 10 sites will inform the next phase of development for the partnership, with BP and David Jones to expand the offer to additional sites within BP’s national retail network.

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THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has praised Beyond Blue for supporting the mental health of small business owners.

Beyond Blue has today released a free online guide that provides business advisers, such as accountants, bookkeepers and industry association representatives, with practical tips about how to support their clients and members.

“I commend Beyond Blue for taking a holistic approach to supporting our small business community,” Ms Carnell said.

“Many small business owners may not be aware that the very worries that are keeping them up at night – be it cash flow, customer demands or paying suppliers – can actually cause high levels of psychological distress and have serious impacts on their mental and physical health.

“Their trusted advisers are in a good position to notice if their client is struggling to cope with these issues and to start that important conversation about their mental health," she said.

“The guide is easy to navigate and provides business advisers with the tools they need to support their clients, without formal training in counselling.

“We know it makes good business sense to invest in wellbeing. Research by Pricewaterhouse Coopers has shown that every dollar spent on creating a mentally health workplace results in a positive return on investment of 2.3.”

The guide is available for download at www.bb.org.au/supportingsmallbusiness

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THE House of Representatives Standing Committee on the Environment and Energy is holding its first public hearing on the prerequisites for nuclear energy in Australia.

Chair of the Committee Ted O’Brien MP said he is looking forward to hearing from experts in the field.

"This inquiry needs to answer three basic questions about nuclear energy,” Mr O’Brien said. “Is nuclear energy feasible, suitable and palatable?

“To be feasible, it would have to stack up on economic, technological and capability grounds. To be suitable, it would have to make sense on environmental, safety and security grounds.

“And to be palatable, there would have to be an appetite among the Australian people. It’s time to hear from the experts.”

First public hearing
Date: Thursday, 29 August 2019
Time: 9am to 12:15pm
Location: Portside Conference Centre, 207 Kent St, Sydney

9am: Dr Ziggy Switkowski AO
10am: Australian Nuclear Science and Technology Organisation; Australian Radiation Protection and Nuclear Safety Authority
11:15am: Australian Energy Market Operator; Australian Energy Market Commission; Australian Energy Regulator
12:15pm: Close

The hearing will be broadcast live at aph.gov.au/live.

The Committee intends to hold public hearings at various locations, which will be announced in due course on the inquiry website: https://www.aph.gov.au/nuclearpower. Submissions close on 16 September 2019.  

Further information about the inquiry, including how to lodge a submission and terms of reference, can be found at https://www.aph.gov.au/nuclearpower or contact the Secretariat on (02) 6277 4580 or at This email address is being protected from spambots. You need JavaScript enabled to view it..

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