A NAB survey released yesterday confirmed small businesses are doing it tough and expect 2009 to only get tougher.
Business conditions for small- to medium-sized businesses (SMEs) deteriorated by 3 points to -4 index points in the December quarter, NAB’s latest SME Survey has revealed.
Small SMEs (annual turnover between $2-3 million) were the worst performing segment, reporting conditions of -10 points.
Looking ahead, confidence among SMEs also declined substantially despite low interest rates and the $42 billion stimulus package, falling to -26 index points.
Geoff Greer, NAB regional general manager of business banking Australia, said the results were not surprising given the current economic climate.
“2009 is a challenging year for Australian businesses. We must make sure we use every tool available to us to help businesses navigate the challenging road ahead, so when we turn the corner towards economic recovery we are in the right position to rebuild and move forward.”
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