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Small businesses being starved of funds

-Isaac Gross, Lecturer in Economics, Monash University The government has widely touted its support for small businesses – most notably the provision of loans subsidised by the Reserve Bank. In its economic update on Friday the Reserve Bank talked up its low-cost Term Funding Facility. Take-up was “increasing steadily”. The scheme gives banks ultra low-interest money (0.25% per year for three years) on the understanding they will lend it to households and businesses that need it. The first allocation was a proportion of each lenders’ loan book. The second was conditional on the the lender expanding lending to business. For every extra dollar the bank extended to large business, it would get one extra dollar of funding from the Reserve Bank. For every extra dollar it lent to a small or medium size business it would get an extra five dollars. Yet the official figures suggest that the overwhelming bulk of the new money has gone to big businesses, those with turnovers of more than A$50 million per year. Medium-sized businesses have barely got a look-in. Lending to small businesses has actually gone backwards. Outstanding credit to businesses Loans outstanding for big businesses are 7.4% higher than at the start of the year, loans outstanding for medium-sized businesses are just 1.3% higher, and loans outstanding for small businesses are down 0.6%. Not only have banks channelled the overwhelming bulk of their new lending to large businesses, they have also done so at lower interest rates. Credit spread reductions for businesses Why have small businesses missed out? One explanation might be that they are not interested in borrowing. However, ask any economist, and she will tell you that demand for a good is usually a function of its price. This ought to be also be true for business credit. The Reserve Bank says small […]

Morrison warns against ‘solely transactional’ trade approach in address to US audience

Scott Morrison says the Covid-19 crisis has created new opportunities for “like-minded economies” to work together – but warned against “solely transactional” trade approaches undermining these relationships. In a Wednesday keynote speech to the US Aspen Security Forum, delivered virtually, Morrison says expanding the scope and scale of co-operation by like-minded economies must be done “thoughtfully”. “Security and trade policy approaches must be well integrated, not at odds with each other,” he says in the address, released ahead of delivery. Although Morrison is unspecific about which countries he has in mind on the trade front, his remarks will be read as a reference to the United States. President Trump’s America First policy, with its aggressive transactional approach and emphasis on “deals” has come with costs for a number of like-minded economies. Morrison says: “A solely transactional approach to trading relationships can undo some gains made in other parts of relationships with like-minded partners. Australia’s foreign policy is not simply transactional.” “As we build the network of like-minded economies, we need to build a greater sense of unity across all elements of our engagement. “That means taking a more pragmatic and rounded approach to our global and regional relationships,” he says. “The sense of unity necessary among like-minded partners can be undermined if positive political and security relationships are accompanied by abrasive or confrontational trade relationships. “We should avoid cases where we build closer strategic co-operation, only to see the cohesiveness of those relationships undermined by trade disputes.” Morrison says he is not suggesting seeking to constrain “the national instinct of our business people and exporters to compete in global markets”. Nor should we “turn a blind eye to unfair trading measures imposed by our friends”. Morrison’s speech continues his recent assertiveness about Australia’s foreign policy and defence stance. Saying that […]

D-Link A/NZ extends COVR Wi-Fi Certified EasyMesh System series

D-Link ANZ has extended its ground-breaking COVR AC1200 Seamless Mesh Wi-Fi System range, one of the world’s first Wi-Fi Certified EasyMesh™ home and home office mesh systems, to now offer a three unit pack (COVR-1103), as well as a single add-on unit (COVR-1100). Adding these new options now truly gives any user the flexibility to cover any home or home office with D-Link’s unique COVR mesh Wi-Fi solution. With high-speed AC1200 Dual-Band Wi-Fi and 11ac Wave 2 with MU-MIMO, the COVR-1100 and COVR-1103 like the COVR-1102 before them are fast enough to support multiple devices undertaking everyday data-intensive tasks like HD streaming and video chats simultaneously. The COVR-1100 is perfect if you’re just starting out in whole home networking or have a smaller space. The COVR-1102 two-pack gives you more reach and coverage up to 325 square metres and the COVR-1103 three-pack truly blankets any home with up to 464 square metres of seamless Wi-Fi. The COVR industry-standard mesh networking technology allows for device flexibility and ease of use, as users can now easily expand any existing COVR mesh Wi-Fi network by adding additional single unit COVR-1100 points as required. That said, if you have a larger space or perhaps a townhouse over multiple levels then the COVR-1103’s three COVR points and optional wired Ethernet backhaul is the system for you. All three COVR systems work with the Google Assistant and Amazon Alexa and all have profile-based Parental Controls for setting boundaries online. They are super simple to set-up with the D-Link Wi-Fi App and Quick VPN capabilities allows you securely connect to a remote network. COVR’s Quality of Service (QoS) prioritises network traffic to minimise the impact of limited bandwidth and its Triple Play VLAN support allows ISPs to provide multiple services with just one router. COVR-1100, COVR-1102 and COVR-1103 […]

ASM production of titanium metal alloy

Australian Strategic Materials’ (ASM) partner, ZironTech has successfully produced another run of titanium metal alloy at the joint venture (JV) commercial pilot plant in South Korea. This subsequent run produced approximately 22 kilograms and confirmed energy savings of up to 50 per cent compared to current commercial production methods. ASM is successfully progressing the pilot plant testwork on low emission, high purity metal technology to produce zirconium, titanium and rare earths for permanent magnet metals. The production of metals indicates significant cost benefits to ASM’s integrated business strategy and is key in the development of the Dubbo Project to supply critical materials. The commissioning of the electrorefining section of the pilot plant is proceeding, which will produce ultra-high purity metal, including neodymium, praseodymium, other rare earth metals, zirconium and hafnium metal. Australian Strategic Materials Managing Director, David Woodall said: “Our progress towards an independent fully integrated ’mine to metal‘ business of critical materials is continuing very well. ASM’s focus is to be a stable, secure and alternate supplier of clean metals for the domestic and global markets with the production of these metals coming from our Dubbo Project in Central West NSW. The clean metal technology can be applied to all the products from the Dubbo Project with our focus on the key critical materials of neodymium, dysprosium, zirconium, hafnium and praseodymium. ASM management is currently in Korea to progress discussions on the commencement of a definitive feasibility of a clean metals plant and the progress of a joint Australian / Korean strategy that could ensure supply security and stability of these critical materials to the Australian and Korean manufacturing sectors.”. ASM continues with the optimisation of the Dubbo Project through the integration of flotation into the proven flowsheet seeking improved project capital and operating costs. ASM’s JV partner continues […]

The safety and cost benefits of an autonomous mining industry

Gaurav Sharma, Head of Industries Business for ANZ, Cognizant Employee safety is a major concern for Australian mining corporations. Even today, with arguably the best mining safety regulations in the world, there continues to be serious injuries and sometimes fatalities. Fortunately, the industry is in a good position to address these concerns with the help of technological advancements in automation. The benefits of automation stretch beyond safety McKinsey estimates that digital innovation in the mining industry can be worth $370 billion per year worldwide in 2025. A key element of digital innovation is automation ― automation of operating equipment, technology functions, and business processes. Already Australia is a world leader in mining equipment automation, including automated trucks, drill rigs, trains and port operations. Implementing automation across various facets of the mining industry can improve safety and improve productivity. While autonomous mining equipment requires companies to inject significant capital, it is balanced by lower operating costs. Automating mining equipment including haul trucks can mitigate the danger of driver fatigue and boost the efficiency of long-haul transportation, adding much more value to the supply chain of the industry. Sensor technology is now so advanced that autonomous trucks could sense even the smallest of hazards — like a bird flying in front of it — and react accordingly. The future has already arrived for autonomous driving in the sector Autonomous operations are now a working reality within the Australian mining sector. One of Australia’s leading mining corporations is a world leader in autonomous mining equipment technology. Since deployment, the company has had zero injuries, highlighting the major safety and productivity benefits that autonomous mining trucks provide. Are autonomous trucks the canary-in-the-coal-mine for other mining jobs? While there is a concern that autonomous trucks will replace jobs in Australia’s mining industry, the good news […]

Books: The Biggest Bluff: How I learned to pay attention, take control and master the odds

Is this the new Moneyball? Maria Konnikova had never actually played poker before and didn’t even know the rules when she approached Erik Seidel – Poker Hall of Fame inductee, winner of tens of millions of dollars in earnings – and asked him to be her mentor. She had faced a stretch of personal bad luck, and her reflections on the role of chance in her life had pointed her to poker as the ultimate master class in learning to distinguish what can be controlled and what can’t. Seidel was in, and soon Konnikova was down the rabbit hole with him, a journey that would lead her to the following year’s World Series of Poker. Then something extraordinary happened. Under Seidel’s guidance, Konnikova began to have many epiphanies about life that derived from her new pursuit, including how to better read not just her opponents but far more importantly herself. She found her way to making better decisions and to a place where she could accept luck for what it is, and what it isn’t. But she also began to win. She even learned to like Las Vegas. In the end, Konnikova is a student of human behaviour, and ultimately the point of her incredible adventure was to render it into a container for its invaluable lessons. The biggest bluff of all, she learned is that skill is enough. This is a book that will focus your mind and strengthen your hand.

Manufacturers must find new efficiencies

While Covid-19 has been disruptive across industries, the manufacturing industry is presented with an opportunity to come out the other side stronger than before. Manufacturers must re-examine their processes and even their entire business model to find new efficiencies and ways to compete with offshore firms. As the sector moves closer to Industry 4.0, it is essential for manufacturers to be aware of the technologies that are likely to shape strategies and priorities across the next five years, according to Epicor Software. Greg O’Loan, regional vice president, ANZ, Epicor Software Corporation, said, “Manufacturing is a sector ideally placed to benefit from emerging technologies. Industry 4.0 is a global concept that predicts the manufacturing sector will experience a fourth industrial revolution, this time based on digital technology. “With the right solutions in place, manufacturers will be able to make smarter decisions, optimise processes, deliver a better customer experience and, ultimately, outperform their overseas counterparts. To achieve this, decision-makers in manufacturing firms need to gain a thorough understanding of the solutions lining up to transform the industry in the next five years.” Epicor has identified the top four areas of technology that will drive digital transformation in the manufacturing sector: Artificial intelligence (AI) AI and data strategies are fundamental for all businesses, and organisations that do not already have a roadmap in place for AI could face an uphill battle to compete. Three-quarters of C-suite executives surveyed by Accenture said they believed if they did not scale AI in the next five years, they could go out of business entirely. (1) In manufacturing, AI can be used for everything from optimising production lines to automating defect checking, resulting in fewer costly defects and increasing overall productivity. Internet of Things (IoT) and 5G IoT solutions are continuing to gain rapid momentum in manufacturing […]

CreditorWatch-CEO-Patrick-Coghlan-AUS-MN-Website

Josh Frydenberg’s budget announcement

Commentary from CreditorWatch CEO Patrick Coghlan, urging the government to look closely at small business measurers to drive Australia’s economic recovery: “Treasurer Josh Frydenberg is right to portray the next financial year as a ‘mountain to climb’ for Australia but it is encouraging that the country is in a good position versus our international counterparts. Whilst 870,000 jobs were lost between March and May, the government’s economic stimulus package and measures included within the Safe Harbour legislation, saved thousands of businesses from going under. “However, now comes the difficult balancing act of tapering off such measures, ensuring that the maximum number of jobs are protected whilst making sure that good money is not wasted on poorly performing companies. CreditorWatch data suggests that in April, May and June, hundreds of companies that in normal times would have gone into administration have been kept afloat. These ‘zombie’ companies will hold back our national recovery, so we’re urging company directors to seek external guidance on whether they have a viable future. “Measures outlined by Small Business and Family Enterprise Ombudsman Kate Carnell on Tuesday will be critical to the recovery of Australia’s small business sector, which employs 44 per cent of all Australians. CreditorWatch data shows payment times in June lengthened to an average of 49 days across all industries. Legislating 30-day payment terms for small businesses will level the playing field for SMEs, whilst the introduction of a “fit for business” grant would provide them with a much-needed injection of capital. This will be money well spent and the government should prioritise such changes so that Australia’s small business sector can help drive the national recovery we need.”

Hero plastics performance during Covid-19 pandemic points to expanding uses

Cut to Size Plastics is registered on the NSW Government’s Covid-19 Emergency Suppliers portal as a company that can supply raw material for manufacturing processes and products, including adapting its processes to manufacture components for urgently needed medical equipment, such as ventilators. One of the major groups of materials protecting medical and front-line workers during the Covid-19 pandemic, engineering plastics, is also making headway as an alternative to metals in hygiene and safety-conscious industrial markets, including machinery componentry, safety, automation and industry 4.0 and process applications. Most of the PPE equipment used in the masks, goggles, gloves, gowns and coveralls involved in the Covid-19 pandemic are made of non-woven polymer polypropylene, while other translucent shields between customers and retail staff, for example, are made from polycarbonates such as Wearguard, which are not only very tough, but also very easy to wash down and resistant to chemicals involved. “It is in fact quite possible to introduce anti-viral and anti-bacterial qualities into the formulation used to manufacture different engineering thermoplastics families – while other plastics groups are suitable in their natural or food grade state to substitute hygienically and cost efficiently for metals used in production process and Industry 4.0 higher speed automation,” says engineering plastics authority Mr Laurie Green. Custom manufactured plastics – sometimes with added hygienic, mechanical and lubrication qualities – can include Wearlon PTFE (Polytetrafluorethylene) and Wearex UHMWPE (ultra-high molecular weight polyethylene). Standard product groups, including Wearlon Nylon, Wearace Acetal and Wearthane polyeurethane can not only be modified, but are often suitable in their natural state as light but tough high-performance alternatives to metals in applications demanding excellent impact resistance, high mechanical strength, high physical protective qualities, strong washdown and chemical performance and outstanding sliding and machinability qualities. “In addition to being used as machinery components – such as […]

Cloud integration technologies enable manufacturers to navigate global disruptions

By Mark Morley, Director, Strategic Product Marketing at OpenText Manufacturers operate complex production processes which are highly dependent on the timely supply of parts from external suppliers. While the manufacturing sector regularly manages disruption from events such as natural disasters (you only need to go back to earlier this year when bushfires ravaged large parts of Australia), the global spread of Covid-19 has severely impacted material flows and the smooth functioning of production facilities across the globe. It is fair to say that global supply chains are experiencing levels of disruption not seen before. According to a recent report from the Institute for Supply Management, 75 per cent of companies are reporting supply chain disruption. To combat this, manufacturers must look for ways to minimise the impact on operations and improve supply chain resilience. Flexibility Organisations that are best positioned to weather these unforeseen circumstances are those who have embraced the cloud. Cloud-based deployments have become essential to managing costs, resources and risk without sacrificing competitive advantage, product innovation or customer satisfaction. When a manufacturer shifts its data from on-premise to the cloud, it also ensures that all business information can continue to be stored securely and accessed globally. CollaborationThe key to maintaining business continuity also lies within the collaborative relationships between trading partners. Cloud-based platforms can facilitate effective communication between trading partners which is particularly beneficial when a global disruption such as the one we are seeing now occurs. Partners can continue to monitor and supervise the execution of dual sourcing strategies and quickly establish the post-disruption condition of a supply chain, providing a significant competitive advantage. In addition, centralised management of all trading partner contact information provides an opportunity to conduct post-disruption assessment of a manufacturer’s supply chain, which leads to better risk assessment and preventive steps for […]

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