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The Federal Government has announced that it will extend the unfair contract protections currently available to consumers to cover the small business sector, which the Australian Chamber of Commerce and Industry is most likely correct in claiming will give small businesses greater confidence to grow.

 

However, what they have not considered is that the Banks were opposed to previous recommendations and attempts to do the same with small business loan contracts and at the time it was stated that to do so would negatively affect the supply of credit to small businesses.  I think it a reasonable expectation that a banking industry that has already shifted its focus away from SME lending, in particular small business lending, will see this as just another increased obstacle to providing small business finance.

ACCI – Extension of unfair contract protections will help

small businesses grow.

Banks shift lending focus

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