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40% of Aussie SMEs Expect Economy to Grow

40% of Aussie SMEs Expect Economy to Grow40% of Aussie SMEs Expect Economy to Grow

Fewer than half of Australia’s small- to medium-sized businesses are confident that the country’s economy will grow in the June quarter, a survey has found, AAP reported. About 38% don’t expect any change and about 21% believe the economy will contract, according to the poll released ahead of Tuesday’s Federal Budget. Bankwest, which is owned by Commonwealth Bank, said 42.9% of SMEs expect the global economy to grow in the June quarter. The Bankwest Future of Business Productivity Report released on Monday also found about 60% of SMEs expecting their profit to grow over the June quarter. Education and training business owners were the most confident in their own prospects. NSW businesses were the most confident, with 92.8% saying they are optimistic in their overall prospects for the next three months. Victorians were in second place (90.2%) and WA came in last (84.2%). National Australia Bank’s chief economist, Alan Oster, said business conditions were a bit stronger than expected partly because the level of conditions in Queensland did not deteriorate as much as first thought in the wake of Cyclone Debbie.

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