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THE NEWS WRAP: Possible $20 billion deficit next year prompts rate cut speculation
5:15PM | Monday, 6 MayThe federal budget deficit could reach $20 billion next financial year, following a $17 billion shortfall in the current budget. The news has prompted speculation about pressure on the Reserve Bank to cut rates at its official board meeting today. “That case is the high Australian dollar, the lack of consumer confidence, the lack of business confidence, and the relatively low level of growth that's in the economy," Westpac chief executive Gail Kelly told The Australian. Speculation George Soros could be shorting the Australian dollar There is mounting speculation in financial markets that financier George Soros could be shorting the Australian dollar and was planning a raid ahead of the Reserve Bank’s official rate announcement later today. “Someone ... seems to be betting on a rate. I've heard the George Soros rumour tonight. A billion dollars sounds like a lot, but it's not enough to move the Australian dollar and it's not a lot for George Soros, but there is a play happening in the FX market,” one Sydney-based foreign exchange trader told Fairfax. "If it is him, it's probably a bet on a rate cut. These days a billion bucks can't do much to the Aussie.” Tabcorp and Tatts threaten to sue the Victorian government over poker machine levy demands Victorian Treasurer Michael O'Brien is demanding the full-year rate of $82 million in poker machine levies, rather than a pro-rata rate, despite the fact the companies ceased operating the machines 46 days into the financial year. “The Health Benefit Levy is applied consistent with the Gambling Regulation Act, and has been levied in the same way for more than a decade. There is no discretion under the (legislation) to apply the levy in any other way,” a government spokesperson said. The news has prompted the gaming giants to threaten legal action against the state government unless a lower pro-rata rate is applied. “Tabcorp is considering whether to commence legal proceedings to ensure the levy is applied on a pro rata basis,” a Tabcorp spokesperson said. Overnight The Dow Jones Industrial Average is down slightly to 14968.9. The Aussie dollar is up to US102.53 cents.
Business reacts to Ted Baillieu’s shock resignation as Victorian premier
3:32AM | Friday, 15 MarchThe Victorian business community says the resignation of Ted Baillieu as premier may represent a good opportunity for the state government to be more open about its intentions with regard to any change in business policy.
THE NEWS WRAP: Napthine sworn in as Victorian premier after shock Baillieu resignation
3:33AM | Friday, 15 MarchTed Baillieu has resigned as premier of Victoria, with Denis Napthine sworn in as his replacement overnight, amid mounting turmoil in the state government.
How do I deal with all the regulatory red tape?
3:46AM | Wednesday, 13 MarchThis week’s Secret Soloist is answered by Griffin+Row founder Marcia Griffin Yes, there is a lot to do when starting up a business.
Co-working space Hub spreads to Adelaide to add some “entrepreneurial bloom”
3:49AM | Friday, 1 MarchThe South Australian government will provide $1 million to help establish Hub Adelaide, which joins Hub Melbourne and Hub Sydney, to try and capitalise on the city’s “entrepreneurial boom”.
NSW Government (finally) moves to formalise small business commissioner role
3:33AM | Monday, 11 MarchThe NSW Government has introduced legislation to establish the state’s first small business commissioner as a statutory officer, more than a year after the role was created and filled.
Four NSW digital ventures share $291,000 in funding round
3:39AM | Tuesday, 12 MarchFour NSW digital ventures have been backed with a total of $291,000 in state government funding, including, unusually, backing for a start-up to further develop its business plan.
Red tape threatens to entangle my start-up dream. What should I do?
9:19AM | Monday, 17 SeptemberI’m a little overwhelmed by the amount of red tape involved in starting up and running a business. What should I do?
THE NEWS WRAP: Big miners threaten to pull projects in wake of Queensland budget’s royalty hikes
9:20PM | Tuesday, 11 SeptemberMining giants BHP Billiton, Rio Tinto and Xstrata have threatened to scrap projects in Queensland after the state government hiked royalties by $1.6 billion in its budget.
THE NEWS WRAP: Australia shifts Spain as world’s 12th biggest economy
9:29PM | Wednesday, 5 SeptemberAustralia is set to overtake debt-stricken Spain to become the world’s 12th largest economy, following the release of the latest GDP figures.
10 top government grants for start-ups
3:04AM | Monday, 18 MarchGovernment grants are notoriously hard to snare for start-up businesses and can involve completing a mountain of time-sapping paperwork in the application process.
Adelaide’s first private start-up co-working space set to open
7:09PM | Monday, 30 JulyA new co-working space is set to open its doors in Adelaide, understood to be the city’s first business-collaboration space, modelled on the likes of Fishburners and the York Butter Factory.
Five top Australian start-up pitching events
5:37AM | Friday, 25 MayThe founder of Dolphin Tank, a new support network for female entrepreneurs, caused a bit of a stir this week by claiming that start-up pitching events were male-centric.
Start-up incubator ilab launches new grants, opens new premises
4:40AM | Monday, 30 AprilTech start-up incubator ilab is offering competitive grants of up to $50,000 for Queensland entrepreneurs, after opening its doors to new premises and programs today.
NSW government scraps small business events, admits state has failed SMEs
3:47PM | Sunday, 11 MarchNSW Trade & Investment has scrapped its small business events programs, claiming the events often failed to provide adequate advice and assistance to small business operators.
Harbouring a new start-up scene
2:31PM | Tuesday, 28 FebruarySydney Population: 4.5 million Start-up survival rate: 73.4% (2007 to 2009) While few people – even Melburnians – would dispute Sydney’s position as the financial and big business hub of Australia, the city has suffered from a series of setbacks in recent years.
Innovate SA scrapped but start-up support still strong, SA Govt claims
2:16AM | Monday, 27 FebruaryThe South Australian Government will scrap start-up program Innovate SA this year, but Small Business Minister Tom Koutsantonis insists State Government support for start-ups is still strong.
Not just a city of churches
11:48PM | Tuesday, 22 NovemberAdelaide Population: 1.2 million Start-up survival rate: 75.7% (2007 to 2009)
City of Melbourne defends retail assistance efforts
10:38AM | Wednesday, 12 OctoberThe City of Melbourne council has defended its record of supporting retailers, despite ongoing fears of CBD small businesses being overlooked by consumers in favour of large suburban shopping centres.
ilab investment summit to “demystify” capital raising
8:25AM | Wednesday, 10 AugustTech start-ups are being invited to attend ilab’s annual investment summit, where they will gain insight into the investment strategies of angel investors and venture capitalists.
