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Small business conditions are at a record low and a cut in the official interest rate is essential to stop the slide in activity, the Australian Chamber of Commerce and Industry (ACCI) said yesterday.
The ACCI’s Small Business Survey Index showed an index deterioration to 43.4 in the June quarter – the lowest level since the survey began in 1996.
Greg Evans, director industry policy and economics, ACCI said over the June quarter, small business experienced a further weakening in business conditions with continued growth in non-wage labour costs.
“Given the current global financial turmoil, it was not surprising that interest rates as well as the availability of credit were ranked as impediments for small business investment,” he said.
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