Australia Small Business Failures Expected to Rise

Reserve Bank of Australia Assistant Governor Christopher Kent expects a rise in small business failures as the government withdraws Covid-19 support, even as the broader sector managed the pandemic reasonably well. The share of small- and medium-sized firms that deferred loan payments peaked at 13% in June last year, Kent said in the text of a speech in Sydney Wednesday, and is now down to around 1%. “Nevertheless, business failures are expected to rise as some of the pandemic support measures are phased out,” Kent said in the address to the Australian Finance Industry Association. Small businesses are reluctant … (full story)

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