Big banks join forces on new payments app … Woolworths food sales jump … LNP proposes payroll tax relief for Queensland

‘Generally adequate’? How the big banks screw over small business

The Commonwealth Bank, National Australia Bank and Westpac have joined forces to roll out a mobile app to facilitate payments between businesses and individuals, no matter which bank they use.

The service, called Beem, is a joint venture between the three banks to allow person-to-person payments. This includes allowing sole trader businesses, including tradespeople, to request on-the-spot pay once a job is completed, reports Fairfax.

The three banks have previously failed to reach a deal with Apple for the use of its Apple Pay platform.

ANZ is not currently involved with Beem, which is slated to launch by the end of the year, but Fairfax reports the bank has been in talks and may sign up to the service in future.

Woolworths food figures in good shape

Woolworths displayed its fifth consecutive quarter of sales growth when it unveiled its first quarter numbers this morning, with food sales jumping 4.7% to $9.6 billion.

The ABC reports the numbers show Woolies is eating into Coles’ market share, after Wesfarmers revealed last week that Coles had seen a 0.3% growth in food sales over the same period.

Woolworths’ numbers also showed discount department store Big W had seen 2.9% growth in sales for the quarter, its first increase in more than 12 months.

LNP unveils Queensland payroll tax plan

The Liberal National Party in Queensland has unveiled an election pledge to cut the payroll tax threshold by $25,000 each year for the next 10 years to boost job creation in the region.

LNP leader Tim Nicholls revealed the plan yesterday, which would involve the payroll tax threshold increasing from $1.1 million to $1.35 million over the next 10 years, reports The Australian.

“This is about helping … Queensland small business employ more people or maybe give staff a pay rise,” Nicholls said.

The Queensland election will be held on November 25, 2017.

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