Catch up on the news that matters most to small business owners. Here’s the headlines you need to know on Wednesday, October 9 2019.
Business conditions at a standstill
NAB’s Business Conditions Survey has revealed the small business sector still remains stagnate despite tax breaks and lower interest rates. The report found business conditions have been below average for the last six months with retail, manufacturing and construction sectors the most impacted by slowed conditions.
While employment growth is up, the report suggests job growth is now slowing.
The survey’s findings suggest cuts to the cash tare have had no impact on boosting business confidence.
NAB chief economist Alan Oster said condietion were likely to remain unchanged for some time to come
“The consumer is weak, with low income growth and high debt levels having been a factor for some time. Global uncertainty is heightened on the back of trade ructions — and the exchange rate has depreciated.”
ASX takes a dive as US China Trade war worsens
The Australian stock exchange has taken a tumble as hoped for trade talks between the US and China fade. The ASX dropped 0.75 per cent to 6,544 points over night with every sector performing lower. Meanwhile, the Aussie dollar dropped to 67.36 cents.
Amongst those receiving the steepest drops is local media outfit Newscorp which dropped -4.5c and Flight Centre which yesterday flagged a fall in profit for the current financial year.
Visa launches new digital payment solution for small business
Aussie fintech Payment Logic has partnered with Visa to launch Yak Pay a new digital payment solution for small businesses. The venture will allow small businesses that currently use debit or credit cards to pay expenses to pay suppliers more securely and easily.
Yak Pay CEO, Sam Plowman said, “Paying bills on time, maintaining good relationships with suppliers and ensuring strong credit ratings are essential for small business survival. In launching Yak Pay, our intention is to help relieve these pressures for small business owners, enabling them to focus on growth.”
Yak Pay will integrate with cloud accounting solution Xero to provide seamless reconciliation for business owners.