Data released by the National Australia Bank (NAB) today has confirmed that business conditions for Victorian small and medium enterprises (SMEs) remain the worst in Australia.
The NAB Quarterly SME Survey, released today, shows Victorian SME business conditions at less than +5 points, which is well behind overall Australian SME businesses conditions (+11 points).
Victorian SME business conditions also lag well behind the next lowest state which is New South Wales (+9 points).
The number reflects the depths of the economic crisis Victorian small businesses have faced in the last year.
According to NAB Group Chief Economist Alan Oster, “… even with a sharp bounce in business conditions, Victorian SMEs are still lagging behind the other states.”
Today’s data shows that while Victorian small businesses are showing incredible strength and resilience in the face of incredible challenges, they need more support to get back to the levels they were at before the COVID-19 pandemic.
Comments attributable to Shadow Treasurer, Louise Staley:
“The latest NAB Quarterly SME survey shows, once again, that the conditions Victorian small business continue to face are the worst in Australia.
“Business conditions for Victorian small businesses are still lagging behind the rest of Australia. It demonstrates that Victoria is well behind matching the economic recovery that has started to take place in the rest of Australia.
“Small business is the engine room of the Victorian economy. Despite this, and the challenges small businesses have faced since the start of the pandemic, only 1 in 5 small businesses have received any support from the Andrews Labor Government. This is why small businesses have been shedding jobs at three times the rate of larger businesses.
“The Liberal Nationals have a plan to support small businesses so Victorians can get Back to Work and Back in Business.”