SMEs take a hit
Written on the 10 March 2009
A RECENT survey from National Australia Bank (NAB) has found Queensland’s small to medium size businesses have taken the brunt of weakening business conditions in the final quarter of 2008.
The NAB SME Survey Australia found Queensland business conditions fell from -2 to -11 index points, but larger business remained stable at -3 index points.
The national average was -4 index points.
NAB business and private banking state manager Julian Pearce says the state economy’s boost from the holiday season was cancelled out by a substantial weakening in consumer confidence and falls in demand.
“Without the demand from consumers SMEs are worrying about their cash flow, with many concerned about funding and working capital for their business,” says Pearce.
“Given the current economic situation it’s not surprising that Queensland SMEs are re-forecasting their profit outlook.”