The Abbott government has updated the rules surrounding the registration of business names in a bid to reduce the risk of some businesses trying to potentially mislead consumers.
The changes will mean proposed business names that are near-identical to existing company names will be appropriately vetted, while at the same time maintaining a fast and efficient registration process.
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Small Business Minister and acting Assistant Treasurer, Bruce Billson, said in a statement the changes will clarify and simplify the rules surrounding business name registration.
“An existing business may be devastated by a new entrant mimicking its name,” he said.
“Equally, a new business that inadvertently echoes the name of another may incur great costs unwinding confusion. These changes reduce the risk of business names being registered where the public may be misled by nearly identical business names. They will also ensure ASIC is still able to maintain fast and efficient processing of new business name applications.”
More than two million business names are registered in Australia.
Housing glut forecast
The current national housing boom has peaked, according to leading industry analyst and economic forecaster BIS Shrapnel’s Building in Australia 2015-2030 report.
Released this morning, the findings reveal predictions of an oversupply of housing by 2018 on the back of falling demand following one of the biggest housing construction booms the country has seen.
Dr Kim Hawtrey, associate director with BIS Shrapnel, says the report’s finding that total dwelling starts reached about 210,000 in 2014-15 suggest an “all-time record high” after strong growth in recent years.
“From this level, national activity is then forecast to begin trending down over the following three years, with the currently high-flying apartments sector leading the way down,” Hawtrey said in a statement.
Shares down on open
Aussie shares have opened slightly lower this morning off the back of a poor showing from overseas markets.
Chief market analyst for CMC Markets, Ric Spooner, said the financial sector was weaker this morning in line with the generally soft tone of international markets.
“This soft tone to this morning’s market opening indicates that investors have finished the process of unwinding the risk premium built into valuations as a defence against any unforseen complications from a ‘Grexit’,” he said in a statement.
“With the Grexit risk now behind them, the macro focus for investors will turn to the outlook for interest rates, the state of China’s economy and the upcoming reporting season.”
The S&P/ASX 200 benchmark was up 4 points to 5674.1 points at 11.34am AEST. On Saturday, the Dow Jones closed 33.8 points lower, down 0.19% to 18,086.45 points.