Positive signs for mini SMEs

JUST one in five Queensland SMEs are reporting good or very good business conditions, but the National Australia Bank’s survey shows positive signs for mid and small-sized SMEs last quarter.

The survey found that business conditions index for mid-sized SMEs that had annual turnovers between $3 million to $5 million jumped by 14 index points to 0, making them the best performers.

Small-sized SMEs with turnovers between $2 million and $3 million were the second best performers jumping 22 points to -9 for the business conditions index.

But the state’s index as a whole was dragged down by large SMEs with revenues between $5 million and $10 million, with its index values dropping by 14 points to a ‘dismal’ -17.

The state’s index across the size categories fell by 1 index point to -12.

NAB Queensland business banking general manager Julian Pearce, has called for the support of the state’s SMEs to help them get through the downturn.

"It is time for all Queenslanders to get behind their local small businesses and show their support. Our survey reveals decreased business conditions and poor business confidence, which means it’s more important than ever for SMEs to get the support of the general public to help them through the challenging environment they are currently operating in," says Pearce.

"With business conditions and confidence being dampened by weakening customer demand, Queenslanders should think carefully about where their stimulus money goes, and realise that they need to support their local small business."

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Superloop set to buy tech services firm Acurus for $15m

Superloop set to buy tech services firm Acurus for $15m

After completing $140 million worth of divestments from Singapore a...

Cromwell sells Brisbane head office to Wingate for $108.5 million

Cromwell sells Brisbane head office to Wingate for $108.5 million

As part of its strategy to sell off inessential assets, Brisbane-ba...

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

Record profits again for TechnologyOne as CEO touts business model resilience in tough times

TechnologyOne (ASX: TNE) CEO Edward Chung has affirmed the company ...

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

John McGrath calls for calm as real estate company forecasts rise in earnings for FY22

Despite recent trading conditions proving disruptive for the reside...