COSBOA criticises banks
The Council of Small Business of Australia (COSBOA) has attacked the banks for failing to pass on interest rate cuts to small businesses and said their behaviour will cause unemployment to rise.
“Small business didn’t cause this financial crisis, but we suffer from it. The excesses of big businesses and the failure of self-regulation in the American financial markets are the root cause of the current crisis. The Government has provided legislative protection for the banks yet those same banks refuse to pass on interest rate cuts to small business,” a spokesman for COSBOA said.
The spokesman called on the deputy prime minister to force banks to pass on rate cuts to small businesses.
The banks’ need to increase their share value and continue paying high executive salaries will force unemployment to rise, according to COSBOA.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
