When the Reserve Bank cut interest rates, home owners arm-wrestled the banks into passing on the cut. But, as Rohan Gamble finds, small businesses aren’t as lucky:
“Small businesses aren’t just missing out on full rate cuts, business lenders are taking almost double the amount of time to implement the rate reductions.”
Cash is like oxygen for small business owners, and keeping a close eye on cashflow is important—especially during the holiday period when it can be hard to contact your debtors.
New financial research has shown Australians are more satisfied with Sydney-based banks than Melbourne-based ones.
We asked three bankers their opinion on how small business owners should choose their business bank, the questions they should be asking, whether they need a separate bank for their personal affairs and how important fees are.
SME business confidence slid again in the September quarter, with many reporting feeling less optimistic about future activity thanks to volatility in global financial markets and the high Australian dollar.
The major banks are becoming increasingly different in their approaches to the business banking market, according to recent customer satisfaction results.
Business customers have showed the highest level of dissatisfaction with their banks since the end of last year, with NAB and ANZ customers reporting they’re least happy with their banks.
The Government announced reforms designed to make it easier for people to switch banks overnight, with a Treasury-led working party to ensure the changes are enacted by July 1 2012.
In comparison to personal customers, small businesses are being treated as second-class customers by Australian banking providers, leading Mozo.com.au to launch a comprehensive business banking comparison service to help small business owners compare their options.
Despite a slight improvement in business conditions during the June quarter, the NAB Quarterly Business Survey has found conditions remain soft and further weakness is likely in the near term.
