Australian banks say they’re considering a loan to help fund the recreational sector

Australian banks say they’re considering a loan to help fund the recreational sector

Posted March 15, 2019 17:19:13A new survey by the Australian Banking Association (ABA) has found that about one in three Australians will consider moving their businesses into the recreational market when the next government comes into office.

The ABA survey of about 5,000 Australian adults found that a third of respondents would consider taking their business into the recreation sector when the government was in office.

Key points:More than a quarter of Australians say they would consider moving into the commercial or recreational sectors when the new government comes to powerThe AFA surveyed more than 500 people aged between 25 and 34, and found that 35 per cent would consider going into the business when they were the prime minister, up from just 19 per cent in 2015The AVA has been pushing for the government to consider the recreational economy to be part of the economy and to ensure the Government operates on a sustainable level, but the report says the ABA believes there is room for debate.

“The AIA expects there will be a fair amount of room for discussion around whether recreational or commercial should be included in the economy when the country enters the next parliament,” the AFA said in a statement.

The government has said the government will be “fully in-touch” with all stakeholders when it comes to the recreational and commercial sectors, and it has also committed to establishing an independent taskforce to monitor the recreational industries and ensure they are operating on a cost-effective basis.

However, the AVA says the current Government “has no clear plan for what is a viable recreational economy, and there are few clear answers to how the government can achieve that”.

“In addition to not having a clear policy, the Government has failed to address the concerns of the AMA that there are still gaps in the regulatory framework and the level of oversight needed for the industry to be sustainable,” the group said.

“While the Government will continue to work closely with AVA and other stakeholders, we are concerned that there is still a lot of room to debate.”

The AMA’s chief executive, David Ritchie, said it was important to stress that the survey showed there was a “fair amount of discussion” around whether the recreational industry should be considered a part of Australia’s economy.

“A lot of people think they know how the economy works, and we are really hoping that we can get a clearer understanding of how that works and how the market works and what the economic risks are,” Mr Ritchie said.

Mr Ritchie also said there was an “unclear sense” that the recreational markets could “fall somewhere between the commercial and the recreational”, depending on where people lived.

“I don’t think that the majority of Australians understand how the recreational sectors work,” he said.

The survey also found that more than half of people thought the recreational business model was “not viable”, but there was also a strong sentiment that it could work for some people.

Topics:government-and-politics,government-in-waiting,corporate-governance,business-economics-and/or-finance,australiaFirst posted March 14, 2019 21:33:17More stories from New South Wales


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