A NAB survey shows conditions for SMEs in Queensland are the worst in the country, dropping from -12 to -14 points this quarter, with the national average at -10.
Queensland general manager of nabbusiness Julian Pearce, says from record lows last quarter, Queensland SMEs have recorded a substantial jump in the 12 month profit outlook, rising 32 index points to 10 index points. However, in the June quarter SMEs have reported negative profit growth, falling three index points to -20. But there are some positives.
“Although Queensland has fallen behind other states, the positive outcome is that SMEs are looking ahead and predicting a stronger year ahead in terms of profitability, with businesses in Queensland increasingly optimistic about their prospects. This suggests that increased consumer confidence is having a knock-on effect for SMEs,” says Pearce.
Across all sized SMEs in Queensland, ‘small sized’ businesses (annual sales between $2-3 million) were the best performing segment, increasing by 8 index points to -1, while larger SMEs (annual sales between $5-10 million) were the weakest, declining 8 points to -25.
Get our daily business news
Sign up to our free email news updates.
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