Prospects seem brighter for Australia’s SME sector as it shows its strongest performance of the last four years, while the proportion of businesses experiencing diminishing revenue stands at a five year low.
A new report released by Deloitte Access Economics has calculated that Australia’s digital economy is now valued at $79 billion, passing the $70 billion estimate forecast to be hit in 2016.
The February Business Sales Indicator from the Commonwealth Bank has revealed a modest growth of 0.1 per cent for the second month in a row, highlighting a decline in the growth rate during the last five months.
The Commonwealth Government has announced an extension of the unfair contract protections currently available, a move to further protect the nation’s small businesses from imbalanced agreements brought on by big business.
Roy Morgan Research’s Business Confidence February results have revealed a decline, despite the RBA’s move to lower the cash rate to 2.25 per cent.
Of those surveyed, more than half (58 per cent) said they wished they had done some things differently to set up their business, and for millennial business owners that figure rose to 70 per cent.
The Reserve Bank of Australia (RBA) has left the cash rate unchanged at 2.25 per cent, while suggesting “further easing of policy” may be needed in the coming months.
The slight rise during the December quarter brings the year on year growth to 2.5 per cent, the lowest since the Government records on wages began in 1997.
SMEs struggling to obtain finance are the biggest victims of the Government’s restrictions, the ACCI explains in their submission to the Productivity Commission’s Inquiry Into Business Set-up, Transfer and Closure.
Pressures on the Australian economy over the coming years will challenge our aim to remain competitive globally. Here’s why we need more women entrepreneurs to help sustain and fuel our growth…
