Australian small to medium businesses continued to experience tough conditions in the September quarter, off the back of high interest rates, high fuel costs and soft consumer confidence.
According to NAB’s September quarter SME survey business conditions fell nine points to negative one in the quarter, the first fall into negative territory since the September quarter 2001; 24 per cent of business reported poor or very poor conditions compared to 19 per cent in the June survey.
Looking forward however Geoff Greer, NAB regional general manager of business banking, said the outlook for SMEs looked slightly better.
“The good news is that the expected business confidence among SMEs looking to the December quarter has improved slightly, but is still poor at minus four index points.”
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