Crowdfunding Gains Traction in Australia
Advocacy group the Crowd Funding Institute of Australia (CFIA) has launched a survey on equity crowdfunding to measure interest and awareness for the budding investment crowdfunding industry.
The survey’s aim is reportedly to provide a nationally representative response to the Australian government’s recent discussion paper titled
‘Crowd-sourced Equity Funding’
. The paper published in late 2014 outlines three potential directions for equity crowdfunding in Australia this year and will be the focal point of upcoming regulatory discussions.
The government’s consultation follows another report, by Australia’s Corporations and Markets Advisory Committee (CAMAC), whose recommendations were dismissed by some as “totally unworkable“. The government paper is said to adopt a more balanced perspective and has brought in for discussion recent regulations announced by New Zealand. The latter have received a more positive response as New Zealand has chosen a more light touch regulatory approach.
The CFIA survey will support industry efforts to guide the government in creating regulatory reform that best represent the needs of Australian industry and investors. The government has stated that it is “committed to creating the right conditions to drive growth and create jobs”.
Creating a positive environment for investment crowdfunding is viewed as part of a broader policy initiative that embraces entrepreneurs and small business as crucial for the Australian economy.
CFIA is a not-for-profit membership-based organisation set up to further crowdfunding in Australia as a supportive national association.