SME business conditions weaken
While conditions for small to medium businesses (SMEs) weakened further in the June quarter of 2008, those working in the finance and insurance markets were the least affected.
The most recent National Australia Bank SME Survey Australia — June 2008 found fewer SMEs reporting ‘good’ or ‘very good’ conditions and increasing numbers reporting ‘poor’ or ‘very poor conditions’ when compared to the March quarter.
SMEs with annual turnover of between $2 million and $3 million were the worst affected, while mid-sized SMEs with an annual turnover of between $3 million and $5 million faired slightly better. SMEs with annual turnover between $5 million and $10 million reported the most positive business conditions.
“But it isn’t all doom and gloom. There are sectors of the economy that are bucking the trend,” said Geoff Greer, NAB regional general manager of business banking Australia.
“SMEs operating in the health, finance and insurance markets reported the strongest conditions in the June quarter.”
According to Greer, it’s clear that regardless of size, “all SMEs are feeling the effects of a weakening level of consumer confidence, increasing input costs and concern about the rate of economic growth”.
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