The report of the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO into small business lending practices of banks and other lenders makes 15 recommendations (4 for the Federal Government and 11 directed to the banking industry itself).

The Federal Government has released the report of the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO into small business lending practices of banks and other lenders.

Broadly, the 15 recommendations in the report focus on:

  • the establishment of an external dispute resolution one-stop shop for disputes involving a credit facility limit of up to AU$5m (with access to compensation in appropriate cases), and the expansion of the external dispute resolution scheme to include disputes with third parties such as valuers, investigating accountants and receivers;
  • the establishment by AISC of a Small Business Commissioner; and
  • the introduction of a nationally consistent approach to farm debt mediation.

See Treasury’s media release dated 3 February 2017 for further information.