SCAMS ON THE RISE WITH AUSSIES DUPED $85M

SCAMS ON THE RISE WITH AUSSIES DUPED $85M

SCAM losses are up compared to a year earlier with $85 million reported lost in 105,200 complaints to the competition watchdog. The Australian Competition and Consumer Commission's Scamwatch recorded 91,600 scam complaints totalling $82 million in 2014. ACCC deputy chair Delia Rickard says the agency has ramped up its campaign war...

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QPCU SET TO BECOME QUEENSLAND'S NEWEST BANK

QPCU SET TO BECOME QUEENSLAND'S NEWEST BANK

QUEENSLAND Police Credit Union (QPCU) will rebrand as QBANK to reflect its broadening membership base. The move will see the community services financial institution become Queensland's newest bank on July 1, subject to final approval from the Australian Prudential Regulation Authority (APRA). QPCU CEO Grant Devine says the name c...

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BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUSINESS is at the forefront of the 2016 federal budget, with SMEs set to see their company tax rate fall to 27.5 per cent from July 1 this year. Treasurer Scott Morrison announced the company tax break in his first budget overnight, a further 1 percentage point reduction for small businesses with annual turnover less than $2 million. ...

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ECONOMIC OPTIMISM SET TO BOOST COMPANY SPENDING

ECONOMIC OPTIMISM SET TO BOOST COMPANY SPENDING

AUSTRALIA'S largest companies have a renewed sense of optimism for the economy and plan to spend big this year to facilitate growth, a new study reveals. The American Express/CFO Research Global Business and Spending Monitor shows 64 per cent of CFOs anticipate economic growth in Australia over the next 12 months, with 81 per cent indi...

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LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

THE corporate watchdog put a spotlight on the cash loan market when it ordered Nimble Australia to repay borrowers $1.5 million last month over allegations that it was not adhering to responsible lending obligations. But now the National Credit Providers Association (NCPA) has launched its own offensive against the authorities, blaming lo...

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ATO TARGETS HIDDEN CASH ON THE GOLD COAST

ATO TARGETS HIDDEN CASH ON THE GOLD COAST

GOLD Coast restaurant operators have been put on notice by the Australian Taxation Office that they could get a knock on the door from its agents as part of a national program that has already targeted Sydney, Melbourne and Adelaide. The ATO says it will be visiting about 250 restaurants, cafés and take-away shops, as well as hair ...

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NIMBLE ORDERED TO REPAY $1.5M TO BORROWERS

NIMBLE ORDERED TO REPAY $1.5M TO BORROWERS

PAYDAY lender Nimble Australia has been forced to refund more than 7000 customers a total of $1.5 million following a probe into its activities by the corporate watchdog. The Australian Securities and Investments Commission says its investigation was triggered by concerns that Nimble was not adhering to responsible lending obligations. ...

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EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS are being urged to check the pay rates and entitlements that apply to their business over Easter, to avoid having egg on their face with Fair Work. Fair Work Ombudsman Natalie James says most underpayments are inadvertent and the result of employers failing to check their minimum obligations under workplace laws. "Wheth...

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ASSET 'MINER' DIGGING FOR THE NEXT BIG THING

ASSET 'MINER' DIGGING FOR THE NEXT BIG THING

THE Gold Coast investment firm that helped Brisbane-based veterinary company Greencross (ASX:GXL) float on the stock exchange is exploring opportunities as diverse as lithium, coffee and agriculture to uncover the next big deal. Strategic Equity Alliance, headed by Glenn Gaudet and Justin Broad, has appointed youthful mining industry vete...

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'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

TOUGHER lending rules by Australian banks are giving foreign investors an unfair advantage in the property market, according to Aussie Home Loans founder John Symond (pictured). The finance industry veteran says that while he is comfortable with a broad range of initiatives introduced by the Australian Prudential Regulation Authority (APR...

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QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

QUEENSLAND NEEDS TO SNAP OUT OF IT: DELOITTE

QUEENSLAND has been urged to snap out of the slump mentality and capitalise on the investment legacy created by the now defunct resources boom. Deloitte Access Economics' latest Queensland Business Outlook report says instead of looking at the boom as if it is a hole that needs to be filled, the state should be focusing on its traditi...

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TOURISM BOOM: WE AIN'T SEEN NOTHING YET

TOURISM BOOM: WE AIN'T SEEN NOTHING YET

FEARS of faltering Chinese growth and a global downturn have been downplayed by one economic forecaster who is predicting we are on the verge of a new economic boom, and one that's likely to last for some time. Dr Frank Gelber (pictured), chief economist with BIS Shrapnel, told a Brisbane briefing this week that the next growth story ...

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RETAIL MOMENTUM COULD HIT THE WALL IN 2016

RETAIL MOMENTUM COULD HIT THE WALL IN 2016

AUSTRALIAN retail had a healthy 2015, but experts say this upward trend might hit a wall in 2016. A market forecast conducted by Deloitte spells the end of retail growth nationally as the Aussie market is battered by a number of national and international economic factors. Despite an underperforming Australian economy in 2015, retail ...

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$10 MILLION FUND SEEKS AUSSIE STARTUPS WITH 'SIGNAL'

$10 MILLION FUND SEEKS AUSSIE STARTUPS WITH 'SIGNAL'

A NEW early stage $10 million Australian venture capital fund is going where few have before on our shores and seeking signal deep in the startup trenches. 

Backed by support from prominent early stage American investors, the appropriately named Signal Ventures has launched in Melbourne.

Signal Ventures is the brainchild of two...

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MELBOURNE BUSINESS CAUGHT UNDERPAYING MIGRANT WORKERS

MELBOURNE BUSINESS CAUGHT UNDERPAYING MIGRANT WORKERS

A MELBOURNE food wholesaler has been slapped with an $85,000 fine in Federal Circuit Court for underpaying migrant and overseas workers. Quality Food World underpaid 46 production and packing staff almost $150,000 from its warehouse at Mordialloc, an investigation by the Fair Work Ombudsman has found. The employees were mostly visa ho...

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ACCC ISSUES 'PLEASE EXPLAIN' TO FUEL RETAILERS

ACCC ISSUES 'PLEASE EXPLAIN' TO FUEL RETAILERS

THE consumer watchdog has put the petroleum industry on notice after revealing low global crude oil prices were not being fully reflected at the bowsers. The Australian Competition and Consumer Commission says it has written to major petrol retailers this month to explain what it says have been 'unreasonably high' retail petrol pr...

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DECEMBER RETAIL SALES PUMP, DESPITE HEATWAVE

DECEMBER RETAIL SALES PUMP, DESPITE HEATWAVE

IT MAY have been tough for Dick Smith Holdings (ASX:DSH), but the broader retail market enjoyed robust trading over December, according to the latest retail turnover figures. The Australian Bureau of Statistics has revealed that retail turnover was up 4 per cent to $24.8 billion during the peak retail month compared a year earlier. Th...

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BUSINESS LEGAL EAGLE HEADS TO NEW FIRM

BUSINESS LEGAL EAGLE HEADS TO NEW FIRM

BUSINESS legal eagle Brett Heading has moved to the new Brisbane office of global law firm Jones Day. Heading (pictured) is well respected in corporate circles, having served as chairman and partner of McCullough Robertson for more than 30 years. He has advised company boards in managing capital raisings, as well as major IPOs includi...

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UBERX DRIVING $80M IN BENEFITS A YEAR

UBERX DRIVING $80M IN BENEFITS A YEAR

RIDE-SHARING service Uber delivers more than $80 million in benefits to Australia each year, according to Deloitte Access Economics. The Economic Effects of Ridesharing in Australia report, commissioned by Uber, calculated $49.6 million in consumer surplus from the industry competitor and $31.5 million in savings for those who made the sw...

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SURFERS RESTAURANT ADMITS UNDERPAYING STAFF

SURFERS RESTAURANT ADMITS UNDERPAYING STAFF

A SURFERS Paradise restaurant has admitted to deliberately underpaying staff tens of thousands of dollars, operating on the basis that they would not be caught. Uchouten Japanese Restaurant, located on Surfers Paradise Boulevard, told the Fair Work Ombudsman the underpayments were intentional and they hoped they would not be caught. T...

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