Confidence takes a hit

THE cautious tone adopted by consumers is shared by Australia’s small businesses, with a measure of conditions and confidence taking a dive in the latest quarterly survey.

Small and medium-sized enterprises took a step back in the three months to June as shoppers tightened the pursestrings, a poll conducted by the National Australia Bank has found.

NAB’s SME confidence index clocked in at five points for the quarter, down from 11 in the three months to March and back at the level of a year ago as companies felt the strain of weaker demand and lower profitability.