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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.
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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.
