40% of Aust SMEs expect economy to grow

(Australian Associated Press)

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.

A Bankwest survey of 1,000 business owners conducted in March showed 40.5 per cent of SMEs expecting the economy to grow in the subsequent three months.

About 38 per cent don’t expect any change and about 21 per cent 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 per cent 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 per cent 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 per cent saying they are optimistic in their overall prospects for the next three months.

Victorians were in second place (90.2 per cent) and WA came in last (84.2 per cent).

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