07 Oct Round 2 of meetings with the Hon. Michael McCormack (Member for Riverina) and MFAA Chairperson, Cynthia Grisbrook
Ian Robinson from Robinson Sewell Partners had the absolute pleasure to meet with Cynthia Grisbrook (Chairperson of MFAA) and the Hon Michael McCormack for the second time in Melbourne last week.
(Cynthia Grisbrook, Hon Michael McCormack, Ian Robinson)
Depending on what assumptions you apply, small business (<20 employees) in Australian is represented by;
- 2,000,000 businesses which constitutes 96% of all businesses within Australia;
- 60% – 70% of all employment;
- 30% of all small businesses have debt (600,000);
- Circa $300 billion has been lent to small business.
Among other characteristics, there was a common agreement during these discussions that one of the major inhibitors to business growth, expansion and productivity was access to capital.
A really healthy discussion focused on the material benefits credit advisors provide Australian businesses, with special regards to providing;
- financial education in relation to Australian credit markets;
- transparency on bank offerings;
- competitive tension through the credit advisory channel;
- market intelligence so that businesses can make informed decisions;
- time and resources to specific projects on a case by case basis.
As a professional services industry, we are proud to make a difference by leaving a legacy to small businesses (and all borrowers) in the form of improved borrowing conditions and giving them access to highly guarded intellectual property that is normally only available to bankers themselves.