The federal government’s approach to equity crowdfunding has been labelled as ‘absolute nonsense’ and ‘lazy’ by the founder of Australia’s first [Crowdfunding] platform, Tim Heasley, COO of VentureCrowd.
Heasley says he is disappointed the government has taken on CAMAC’s recommendations rather than engaging in larger reform to the Corporations Act. Under the act, a proprietary business has a limit of 50 shareholders, restricting the ability to take part in equity crowdfunding, and he says many startups won’t take part in equity crowdfunding because they don’t want to eventually become fully-fledged public companies.
‘Do people in Canberra even think about these things?’
It’s the Treasury not doing the work – they’re just blindly following a model which has been widely criticised’.
Malcolm Turnbull didn’t regard Small Business important enough to warrant inclusion in cabinet:
20 September: Malcolm Turnbull announced this afternoon [that] Bruce Billson will be replaced. Announcing the change, Turnbull described Billson as ‘an outstanding advocate for small business’ but said Billson has decided not to ‘take up an offer that I made to him to serve outside the cabinet‘.
Peter Strong, from the Council of Small Business of Australia (COSBOA) said that members [were] shocked: “The decision to remove Bruce Billson from the cabinet and the small business ministry has sent a shockwave through the small business community”
“A great minister doing a fabulous job, who has received intense praise from small business for his measurable level of success is no longer in the job. Did vested interests in big business successfully have Bruce removed?”
“COSBOA hopes O’Dwyer and the Turnbull government ‘will continue the great work started by Bruce Billson and resist the misinformation run by some vested groups'”.