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The Australian Financial Market Authority has announced a new $25 million grant to help a small business start up in the wake of the birth of the Queen.
The grant will help provide support for the business and is intended to help the business “grow” and “provide the economic benefits it seeks”.
The grant is expected to be used to purchase equipment, hire a consultant and hire a delivery company.
The agency said it is also aiming to use the money to support “community engagement and community engagement and education”.
The new grant is part of a broader $5 million funding package to support small businesses.
It comes after the Australian Competition and Consumer Commission issued a warning about how online shopping is impacting the business of many online shopping sites.
A new report by the watchdog said more than 70 per cent of online retailing businesses do not disclose their revenue.
The ACCC warned online retailers that they were likely to suffer a loss of business due to the lack of online disclosure.
“Online retailers may be more vulnerable to a significant reduction in sales from the sale of goods or services to the public if they do not make their information publicly available, such as on their sites, on their websites and in their customer relations channels,” the report said.
Online retailers are also likely to face higher competition from local retailers and consumers, it said.
A spokeswoman for the ACCC said the commission’s report showed the internet was “increasingly important for consumers and businesses” but warned against making sweeping conclusions about online retailers.
They said the regulator had been unable to assess the impact of online shopping on other industries, such a health service, retail or tourism.
“There is also considerable uncertainty about the effect of online retailers on other businesses,” she said.