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More than two thirds of Australia’s small-to-medium enterprises (SMEs) have seen their borrowing costs increase in the last six months according to a new report.
East & Partners’ April SME banking report released yesterday showed that 68.8 per cent of SMEs experienced an increase in their loan interest rates in the past six months, with not one SME interviewed reporting a decrease in borrowing costs.
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The 68.8 per cent figure was more than double that reported 12 months ago despite an unprecedented series of cash rate cuts by the RBA.
The bad news for Australia’s economy is that now only 51.1 per cent of SMEs are looking to borrow, compared to 77.1 per cent 12 months ago.
East & Partners said this would have a detrimental impact on business growth.
