(Your Loan Hub)

A small business loan can be invaluable when you're establishing your business or when an unforeseen setback occurs, but you don't want a loan to be short-term gain and long-term pain.

Mistake #1: Not getting the right loan

Do you need to cover short-term cash flow shortages, for example? A line of credit could help, where you can access funds up to a pre-approved limit, and only pay interest on the outstanding balance.

Mistake #2: Not having a business plan

A strong, well-considered business plan demonstrates your goals and how you plan to reach them, and shows you've thought through all the details. When you can clearly explain your business model, products, services and target audience, lenders will be in a better position to tailor a financial product to your needs.

Precise, current financial records allow lenders to understand your business's exact position. If you can't provide sufficient information, they will either reject your application outright, or ask you to spend more time preparing the necessary details.

Mistake #4: Not paying attention to interest, fees and hidden expenses

Mistake #5: Not checking your credit record

Ask for a copy of your credit file from a reputable credit reporting body and go through it carefully to make sure all the information is accurate. If it's not, take steps to correct it before starting the loan application process.

Having the funds to run and grow your business is important, but make sure you take the time to shop around for a loan that won't create extra pressure in the long run.

The International Monetary Fund has backed the Turnbull government's pursuit of a lower corporate tax rate, but has again called for a broader tax reform package.

The government's aim to reduce the corporate tax rate to 25 per cent would grow the economy by up to one per cent but only when fully implemented in a decade's time, according to the Treasury.

But he said there are inefficiencies in the current taxation system, with corporate and personal taxes relatively high, while land and consumption are taxed relatively low.

Treasurer Scott Morrison said the report reinforced the need for Australia to maintain its international competitiveness.

Two years ago, Prime Minister Malcolm Turnbull ditched a plan to raise the GST as a funding mechanism for broad-brush tax cuts because modelling showed it would lift growth by just 0.3 per cent.

Dr Helbling told reporters via a teleconference that moving to a land tax from stamp duty would be more efficient and improve the functioning of the housing market.

The IMF also believes lower capital gains discounts and limits to negative gearing for investors are "desirable".

"Mr Morrison has not only failed millions of young Australians when it comes to adequately dealing with housing affordability, but he has also overseen an Australian economy and housing market that is more vulnerable to future economic shocks," Mr Bowen said in a statement.

An Australian university is banking on Blockchain, the technology behind the lucrative yet volatile cryptocurrency industry, by launching a nation-first course in the emerging sector.

"Blockchain is now becoming a core part of contemporary digital literacy," Vice Chancellor Martin Bean said.

Blockchain is a decentralised, shared ledger that with the help of complicated cryptography records transactions in a verifiable, secure and permanent way.

The same principal applies to managing real money digitally, with banks slowly grasping Blockchain's potential benefits as a faster, inexpensive and autonomous system.

As demand presently outstrips supply in the US, there is a desperate need for more programmers in the growing industry predicted to be worth $176 billion by 2025, according to Gartner Research.

In 2017, the Australian government tipped in $2.57 million to help power a cutting-edge start-up project that could make peer-to-peer solar energy trading a reality.

ClearView Chief Investment Officer Justin McLaughlin addresses recent share market volatility, particularly in the US, and explains why market corrections occur.  

https://player.vimeo.com/video/254428516

Three of Australia's big four banks have begun rolling out their new $1 billion payment system that allows customers to transfer funds between rival institutions in near real-time.

"This will give consumers new levels of personalisation and innovation not seen before in Australia," Westpac general manager Di Challenor said.

Westpac, Commonwealth Bank, and National Australia Bank began limited use of the system on Tuesday, while ANZ is holding off while it undertakes further "rigorous testing" of the platform.

"The security of our customer data is paramount and we are committed to ensuring our customers have a safe experience," Ms Challenor said.

The lenders faced criticism on Monday's opening day of the industry royal commission when they said they would miss the deadline to hand over information on misconduct to commissioner Kenneth Hayne.

BPAY chief executive John Banfield said users will eventually be able to transfer money instantly via their phone as services and products become available on the platform.