International
Australian Small Business Sales Growth Slows in June Quarter as Consumer Spending Softens, Says Xero
Australian small business sales grew 6.5% year on year in the June quarter, down from 7.9% in the March quarter and just below the historical average, with interest rate-sensitive industries and those dependent on discretionary spending recording the smallest sales rises, according to a Thursday report by fintech company Xero.The report said real estate services grew 4.7% year on year, retail trade 3.4%, and hospitality 2.1%, while mining and utilities outperformed at 14% and 13%, respectively.The Australian Capital Territory was the softest state performer at 3.4%, followed by New South Wales at 6.1% and Victoria at 5.3%, while the Northern Territory was the strongest at 8.4% and Queensland second at 8.2%, likely helped by the mining industry, the report added.Jobs growth slowed slightly to 3% year on year from 3.3% in the March quarter, while wages rose a modest 2.4% year on year, slightly slower than the 2.7% rise in the March quarter, the report added.The average time small businesses waited to be paid after issuing an invoice fell to 22.9 days from 24.2 days in the March quarter, with businesses paid on average six days late, down from 6.9 days, according to the report.
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