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New research from small business platform Xero has revealed that small business performance is down.
In its latest Xero Small Business Insights, the Xero small business index fell 37 points to 89, its lowest level since September 2020 and the largest decline since April 2020.
This decline was driven by slow sales growth and slow wage growth.
But, there were some sectors of strong results. Jobs growth was up 3.5% year-on-year, which was above the pre-pandemic average of 3.0%.
Payment times for small businesses also improved. Payments were made, on average, 6.3 days late in the December quarter, which was unchanged from the September quarter but down from 6.6 days in the first half of last year.
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