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The government’s Australian Business Investment Partnership has been extended beyond commercial property ventures to now authorise loans made in any area of commercial activity.
The initiative, dubbed “Rudd Bank”, is a joint venture set up between the government and Big Four banks to protect against any withdrawal of foreign banks – traditionally significant funders of commercial activity – from the local market.
Yesterday, the fund was widened to provide refinancing for other commercial ventures unable to secure an arrangement, as the government moves to protect the economy from any widespread business collapses.
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