Queensland’s small and medium-sized businesses are set for a $300 million boost as the Palaszczuk Government lifts the Buy Queensland small and medium business procurement target from 25 per cent to 30 per cent.
Minister for Public Works and Procurement Mick de Brenni said that in 2022, the Queensland Government was taking Buy Queensland to the next level, as they set up to maximise the 20-year pipeline of Olympic opportunities.
Australian borrowers could benefit from proposed new obligations to empower them to switch lenders and get the best deal.
Consultation is open on a draft designation instrument that would extend the Consumer Data Right to non-bank lenders.
Advice to government suggests this will lower barriers for borrowers switching lenders, leading to greater competitive tension.
The Government is seeking feedback on a minor and technical amendment to the definition of ‘product’ in the Open Banking designation instrument.
The instrument formed the first stage of implementing the 2018 Review into Open Banking, which recommended a broad range of lending products provided by banks be in scope for the CDR, including lease products. The banking rules have been drafted on the basis that lease products are within scope of the banking designation – lease products, including consumer leases and asset finance, are on the prescribed list of banking products.
