Small and medium business confidence in Victoria continues to struggle

Confidence among small and medium enterprises (SMEs) in Victoria has remained low, according to a report released by NAB today.

The NAB Quarterly SME survey reports that SME confidence is lower than any other state in mainland Australia, with a net rating of -16. This is the second consecutive report that has recorded SME confidence in Victoria at below -15.

Victorian SMEs also believe conditions are poor, with a -15 rating. Again, this is the second consecutive report with a sub -15 rating for that metric.

Compared to the 2nd quarter of 2020, which was the height of the first wave of COVID-19, every other state in mainland Australia has recovered SME confidence except Victoria.

Comments attributable to Shadow Treasurer, Louise Staley:

“The NAB Quarterly SME survey results are yet another confirmation that Victoria’s economy is doing the worst of anywhere in Australia.”

“While the rest of the country has started their economic recovery, Victoria lags way behind due to the second wave caused by the Andrews Government’s bungling of its hotel quarantine program and inadequate contact tracing.”

“Considering the lack of support Daniel Andrews and Labor are giving to small and medium enterprises, it’s no wonder confidence among this sector is so low.”

“Victorians looking for work and wanting to get their businesses going again need a plan.”

“A state budget with real support for these struggling small businesses and no new taxes would be a good start.”

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