Small business groups have attacked the major banks, accusing them of deliberately delaying EFTPOS payments and investing the funds in money markets.
In a submission to the senate inquiry into competition in the banking sector, the Council of Australian Small Business Organisations claimed that payments made to small firms were being used to “sure up the liquidity” of banks.
Meanwhile, the Australian Chamber of Commerce and Industry (ACCI) attacked the banks for denying finance to budding entrepreneurs.
Employers win government super concessions
Employers and super fund managers have won a series of concessions from the government, with reforms aimed at cutting the administration cost of funds by 40%. The government has accepted 139 of the 177 recommendations made by the Cooper review. Entry fees for new super members will be banned and exit fees will be limited to cost recovery.
Wine sales suffering from strong dollar
Australian wine exporters have been badly hit by the rising dollar, it has been revealed. Australian and French wines were the worst performers globally in the last three months. Foster’s was particularly badly hit, with its wine sales in the US slumping by 13% in the last quarter.
The Australian dollar fell away from its position of near-parity to its US counterpart, dropping to 98.47 US cents.