Lawrence Puang

Will 'Future Made in Australia' grants help SME's? As part of their Future Made in Australia agenda the federal government are introducing grants of up to $5 million to help innovative startups and SMEs commercialise their ideas that are a part of the National Reconstruction Funds priority areas. Those priorities are: • Resources • Transport • Medical science • Defence capability • Renewables and low emissions • Agriculture, forestry and fishing • Enabling capabilities Industry GROWTH >>> https://lnkd.in/gP8GWjAb Council of Small Business Organisations Australia (COSBOA)

5

1 Comment

𝗔𝗦𝗜𝗖 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗣𝗹𝗮𝗻 𝟮𝟬𝟮𝟰-𝟮𝟱: 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 ASIC's Corporate Plan 2024–25 outlines the projects ASIC will undertake to deliver on their important mandate. ASIC makes a crucial contribution to maintaining Australia’s fair, strong and efficient financial system. The priortites relevant for General Insurance have a focus on claims handling practices including enforcement actions. 1. 𝙄𝙢𝙥𝙧𝙤𝙫𝙚 𝙘𝙤𝙣𝙨𝙪𝙢𝙚𝙧 𝙤𝙪𝙩𝙘𝙤𝙢𝙚𝙨 - undertake a cross-sector surveillance of compliance with the requirements outlined in Regulatory Guide 271 Internal dispute resolution (RG 271). - In 2024, ASIC will publish observations from the first year of IDR data reported by all firms, while in 2025 ASIC will publish firm-level IDR data. - take action against insurers in relation to claims handling, especially in relation to home insurance claims. - take action in response to harmful product design and distribution practices, including conduct that results in consumers receiving unsuitable products. - monitor general insurers’ improvements to claims handling and engage with the independent review of the 2020 General Insurance Code of Practice. 2. 𝘼𝙙𝙙𝙧𝙚𝙨𝙨 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙨𝙮𝙨𝙩𝙚𝙢 𝙘𝙡𝙞𝙢𝙖𝙩𝙚 𝙘𝙝𝙖𝙣𝙜𝙚 𝙧𝙞𝙨𝙠 ASIC will review how general insurers are handling customer complaints and responding to recommendations from previous reviews about their handling of claims following severe weather events. 3. 𝘼𝙙𝙫𝙖𝙣𝙘𝙚 𝙙𝙞𝙜𝙞𝙩𝙖𝙡 𝙖𝙣𝙙 𝙙𝙖𝙩𝙖 𝙧𝙚𝙨𝙞𝙡𝙞𝙚𝙣𝙘𝙚 𝙖𝙣𝙙 𝙨𝙖𝙛𝙚𝙩𝙮 ASIC will continue to monitor how retail financial services use AI and advanced data analytics. ASIC will also assess their risk management and governance processes. 𝙊𝙩𝙝𝙚𝙧 𝙠𝙚𝙮 𝙖𝙘𝙩𝙞𝙫𝙞𝙩𝙞𝙚𝙨 1. ASIC will continue to work closely with APRA to implement the FAR by providing guidance, engaging with industry and developing effective registration and other processes 2. ASIC will work with the Australian Government to support the introduction of the Regulatory Initiatives Grid (RIG). The RIG will provide industry with information, in a single location and from across multiple agencies, about upcoming reforms and regulatory actions that will materially affect the financial sector.

15

**INDUSTRY STATISTIC** According to CoreLogic's latest Pain & Gain Report (Q2 2024), Australian's have achieved a record median gain of $285,000 when re-selling their properties in the June Quarter alone. "CoreLogic analysed approximately 91,000 resales in the June quarter, of which 94.5% made a profit. This is up from 94.4% in the March quarter. This is one of the highest rates of profitability recorded in the Australian housing market since the June quarter of 2010 - though the rate has lowered from 94.52% in the three-months to May 2024. The median nominal gain from resales in Australia was $285,000, which is a record high for the series going back to the mid-90s. This is partly a result of national housing values hitting fresh record highs each month since November last year. It could also reflect sellers largely being empowered to time their resale for profit, given relatively stable conditions for mortgage serviceability. Total nominal gains from resale were $31.8 billion in the June quarter, up 7.7% from the March quarter." - CoreLogic, 2024 Although the findings are positive in some respects, it is no secret that housing prices are hitting exponential rates and the increasing cost of living is causing distress for many Australians. This begs the question, what is being done from a employee salary perspective to compensate for this economic change? Feel free to comment your thoughts below and join in the discussion👇🏼 #Iindustrystatistic #propertystatistics #propertynews #costofliving #housingmarket

1

Venture firms in $10m raise for fact-checking software This Melbourne team (picture) run a profitable business that provides fact-checking software. They have now raised $10.84 million in venture capital to scale up the business. Read more about this, and much more about private equity and venture capital, at: https://lnkd.in/gE-aPUTb #venturecapital #privateequity

2