• Published on 5 September 2024
• 377 Views
• Print

CommBank adds features and support for struggling SMEs

CommBank’s new research showed that more than half of Australian small and medium-sized businesses (SMEs) were struggling with the cost-of-living crisis. 52% of business owners and senior managers reported that their mental health had been affected by the economic climate over the past year.

The research revealed nearly two-thirds (65%) of surveyed businesses had to deal with unexpected expenses over the past year, totalling $7.3 billion in costs they didn’t see coming.

The most common areas of unexpected expenses were equipment repairs and replacements (48%), higher supplier costs (33%) and increased utilities costs (32%). On average, small to medium businesses have had to pay around $4,300 in unexpected expenses.

Rebecca Warren, CBA’s executive general manager of small business banking, said Australian small businesses showed incredible resilience in tough economic conditions.

“Running a small business is hard yakka and right now, it’s tough. Rising costs of doing business and unexpected expenses can have a big impact when money is already tight,” she said.

Re-disseminated by The Asian Banker