Invoice Bazaar Blog

Australian economy bouncing back but SMEs face new challenges

By Invoice Bazaar | May 12, 2022

The Australian economy is bouncing back from the pandemic, and the country’s SMEs are reporting an upward trend in both turnover and profits since February, yet surging supply chain issues and skill shortages are stifling a business rebound. For instance, 28% of small businesses are currently hiring employees, but 85 percent face difficulty finding the right talent. More than 50 percent of SME decision-makers opine that this situation can be remedied by increasing migrant worker quotas. Meanwhile, cost inflation and rise in interest rates have also adversely affected investment intentions and demand for finance. The Federal election results may also impact business confidence this month.

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