Higher borrowing costs are impacting upon small businesses, driving away customers and damaging investment plans, according to a new report.
An index of business conditions by the Australian Chamber of Commerce and Industry was down to 44.6 in the September quarter from 47.3 in the previous three-month period.
Executive pay up
Small firms may be struggling, but the CEOs of Australia’s largest companies are having a better time of it. According to The Australian Financial Review, executives of the top 300 listed companies averaged a $2.25 million paycheck, a rise of 2% on last year.
Branson loses flight attendant bet
Virgin founder Sir Richard Branson is no stranger to outlandish publicity stunts but even he may be dreading the outcome of a lost bet. The entrepreneur will dress up as an AirAsia flight attendant during a Kuala Lumpur-London flight after his Virgin Racing team was beaten in the F1 season by Lotus. Tony Fernandes, boss of the Lotus team, is also CEO of AirAsia.
The Australian dollar fell further, to 97.57 US cents and Chinese shares took a 4% tumble.