Mumbai, India (PressExposure) February 25, 2009 -- A recently conducted survey by the National Australia Bank (NAB) revealed that the slowdown has adversely affected the development of small and medium enterprises (SMEs) in Australia.
The study found that business conditions among SMEs have deteriorated considerably, falling to three index points to minus four points in the December quarter. The figures for this period mark the lowest growth results achieved since the data series began in June 2006.
Nearly 27% of the Australian SMEs believe that they are operating under deplorable business conditions as compared to the 23% of them who feel that economic scenario is still conducive for their growth.
The consumer spending and the demand in the domestic market have plunged drastically over the past few months. NAB officials are expecting the market to recover once the benefits of the Federal Government's $42 billion fiscal stimulus package are being made available.
According to the NAB survey, property services, residential construction, auto and auto parts and retail industries have been worst affected by the demand slump. The fiscal package is expected to boost the demand in these sectors.
The survey also found that the SME outlook for the March quarter was grim as the business confidence measure fell to minus 26 index points.
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