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The Australian Competition and Consumer Commission has released 23 submissions to its review of the proposed amalgamation of BPAY, eftpos and NPPA, with the majority of them opposed to the merger.
RBA s Kent expects a rise in business failures as fiscal support is phased out
Tue 16 Mar 2021 23:31:31 GMT
Christopher Kent is the Reserve Bank of Australia s Assistant Governor (Financial Markets)
He is speaking (via videoconference or whatever the kids call it now) to the Australian Finance Industry Association, Sydney
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Ombudsman shares RBA concern over small business access to finance
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has backed the RBA’s plea to banks to treat small businesses differently to consumers when considering loan applications.
Mr Billson welcomed further scrutiny of small business access to finance pledged by RBA Assistant Governor Chris Kent in today’s address to the Australian Finance Industry Association.
“Finance is the oxygen of enterprise,” Mr Billson says.
“Mr Kent’s comment that access to finance for small businesses has been a long-standing challenge and is now tighter than before the pandemic, is correct.
RBA highlights SME finance ‘challenge’
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The RBA’s assistant governor (financial markets) has acknowledged the “longstanding challenge” that SMEs face in accessing finance, adding that “business failures” are expected to rise.
Speaking at an Australian Finance Industry Association (AFIA) event in Sydney on Wednesday (17 March), RBA assistant governor (financial markets) Christopher Kent said that the bank’s work and its engagement with industry over the past 30 years had found that “a consistent and ongoing theme is that smaller businesses find it a challenge to access finance”.
Barriers to finance
The RBA assistant governor for financial markets told AFIA delegates that these challenges include the fact that lenders “reject a greater proportion of loan applications from smaller businesses” given that they “tend to be [viewed as being] riskier than large, established firms with a track record of profitability” and that lenders therefore