Deteriorating business conditions in Australia point to an economic slowdown that is likely to result in interest rates remaining on hold for the rest of 2005, a survey found.
Commercial lending jumped 4.3 per cent in February amid signs Australia's corporate sector is still relatively strong.
Three of Australia's four major banks are losing market share in trade finance services for small- and medium-sized enterprises (SMEs), according to banking research firm East & Partners.
The National Australia Bank Ltd expects its new lending to small- and medium-sized enterprises (SMEs) and large businesses to exceed A$10bn (US$7.91 billion) over the next 12 months.
The small business community is optimistic the strong national economy will continue into next year, despite being concerned about possible interest rate rises, according to survey results released yesterday.
The Institute for Factors and Discounters (IFD) has elected Mr Greg Charlwood as chairman for 2004/05.
Mr Charlwood is managing director of Bibby Financial Services Australia and succeeds Mr Tim Quilty of the Commonwealth Bank.
A former director of liquidated company Signprofiles, John Robert Forwood, this week pleaded guilty to 13 criminal charges of defrauding $3.9m, the Australian Securities and Investments Commission said.
GE Commercial Finance has introduced a new set of vendor finance services intended for Australia's $10bn telecommunications and information technology sectors, with an emphasis on small-sized suppliers.
