Small business owners pessimistic
More than half of Australian small business owners believe the Australian economy will deteriorate over the next 12 months, according to the latest MYOB Small Business Survey.
The survey, released today, found 58 per cent of respondents expected the economy to perform more poorly over the next 12 months, while 53 per cent believe Australia would experience a recession in the next two years.
Commenting on the survey results, MYOB chief executive Tim Reed said the global economic events of the past three months had started affecting the confidence of small business owners and increased their fears of a recession.
“The current survey results do show an increase of 10 per cent in ‘unsure’ responses from small business owners when asked about a possible economic recession — perhaps mirroring the current level of economic uncertainty across Australia,” he said.
Reed said the survey suggested that while small business owners were confident about their businesses’ current performance, they were now becoming more pessimistic about their future.
“With this decline in performance outlook for small business owners, the recent Federal Government announcement of a 20 per cent cut in the next quarterly PAYG tax instalment for small business owners will be a welcome relief,” he said.
AUTHOR
Mike Taylor
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