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Senate Inquiry into Access of Small Business to Finance
On 03 February 2010 the Senate referred the following matters to the Senate Economics Committee for inquiry and report.
This inquiry will investigate the current circumstances of issues surrounding access of small businesses to finance, including:
(a) the costs, terms and conditions of finance and changes to lending policies and practices affecting small businesses;
(b) the importance of reasonable access to funding to support small business expansion and the sector's contribution to employment growth and economic recovery;
(c) the state of competition in small business lending and the impact of the Government's banking guarantees;
(d) opportunities and obstacles to other forms of financing, for example, equity to support small business 'start ups', liquidity, growth and expansion;
(e) policies, practices and strategies to enhance access to small business finance that exist in other countries; and
(f) any other related matters.
For many businesses global events over the past 18 months are still well and truly being played out. Whilst many would agree that the Australian economy has remained strong despite global events there are many effects to Australian businesses due to changed credit markets.
The Senate inquiry has called for submissions from interested parties on the current situation regarding the access to finance for small business.
Access to finance is required for things such as stock holdings; capital expenditure and expansion. Whilst finance to business may still be available in some form it may be that the cost of that finance still places a restriction on small business.
From discussion with members of the MTA I believe that there are effects in the industry caused by the availability of credit and MTANSW will be making a submission to the inquiry.
If any member would like to confidentially discuss this issue with me please contact me on 9213 4210 or davidj.smith@mtansw.com.au.
David J Smith
Division Manager - New and Used Cars - Auto Mechanical Repairers - Tyre Dealers & Retreaders. phone: 02 9213 4210 fax: 02 9212 6889 email:davidj.smith@mtansw.com.au
Motor Traders’ Association of New South Wales
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Username - first seven letters of your Trading Name including any spaces or commas as a character i.e. M & T MOTORS entered as M & T M (7 characters including spaces)
Password - is your MTA seven digit membership number as it appears on your membership renewal subscription form or certificate including commas.
i.e. 8,000,001
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The MTA provides its members with a large variety of benefits that can reduce business expenses as well as assisting businesses in operating more profitably.
The benefits of membership are many and varied and membership fees are 100% tax deductible. www.mtansw.com.au
