Interview with Kate Carnell, Australian Chamber of Commerce and Industry CEO, with Tony Delroy, ABC Night Life, 11 August 2015
Feedback from our members which is quite a large number of Small to Medium Businesses in Australia is that access to capital is one of the biggest problems in Australia. Banks on the whole don't lend to people who don't have property. So if you don't have something to put up against your loan particularly property it's very very hard to get a loan at a bank.
The Banks will tell you that's not true but it's certainly true from the feedback we get. So we're really relying on business angels. Hopefully by the end of the year the Federal Government will have some legislation in place to really make crowdfunding a real goer in Australia. You can do it at the moment but we really need some proper legislation base for that and Small Business Minister Bruce Billson has indicated that he's going to do that and that will help.
But we do need more people who have been successful in Australia being willing to lend to those smart sometimes not young things but smart people who have got good ideas.
Kate the whole economy is in transition at the moment obviously service industry is going to be a very big part of our future. And we’ve shown in the finance area in particular that we can be very strong but you have to say that you know that the Small to Medium sector is going to need some work.
Look there is no doubt it does but you know that's the growth space that's where jobs can be created. I won’t say easily but there’s two million small to medium businesses in Australia and they employ four million Australians. If just some of those businesses employed one more person we wouldn't have the problem we've got particularly with youth unemployment. So they are the businesses that have the capacity to grow. So we've really got to get behind them and I suppose the first thing we've got to do is get out of their way a bit, you know don't put too many rules and regulations and red tape in the way of growing their businesses.