Unemployment hits record low, but less people looking for work
While the unemployment figure dropped to 3.9 per cent, only 4,000 new jobs were created and 7,000 people gave up...READ MORE
The March 2014 MYOB Business Monitor Report reveals a rising proportion of SMEs reporting annual revenue growth when compared with recent years - reaching a level unseen since March 2011. It also shows a declining proportion reporting a fall in revenue.
Although less than one quarter (22%) reported rising revenue when asked to look back over the year to February 2014, this was an improvement on the previous five consecutive surveys. One third (34%) reported a revenue decline, however this too was the best result reported since March 2011.
A significant increase was seen in the proportion of SMEs anticipating a revenue rise in the next 12 months and 22% expected revenue to fall.
The positive progress in revenue expectations aligns with expectations of the domestic economy. Over one quarter (26%) of respondents expected economic improvement within 12 months.
MYOB CEO Tim Reed says, “In line with our predictions in our trans-Tasman report earlier this year, I’m pleased to see the strong improvement in performance and expectations among Australia’s small and medium business operators, who are major contributors to Australia’s economy…”
In terms of performance by industry, those in finance and insurance were again the most likely to see a revenue rise (33%, up three points), followed by agriculture, forestry and fishing (26%). Operators in construction and trades were hit hardest, with 44% experiencing a revenue fall, closely followed by operators in manufacturing and wholesale (43%).
The industry most likely to expect revenue gain was finance and insurance, at 64% - well ahead of the other industries. This was followed by the ‘other industry’ category*, at 36%.
One third (33%) of the SMEs surveyed reported more work/sales in their pipeline for the next three months than anticipated. 45% reported an expected pipeline, and 21% saw less work than expected. This was an improvement on the September 2013 report, at 28%, 43% and 27% respectively.