SMEs get adjusted

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The NAB Business Survey (SME Edition) is out today and it was an unhappy second quarter with indexes falling across the board:

Moreover, the pain is widespread across sectors, with some relief in the recent retail bounce:

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And all states, even WA, struggled:

Looks like the mining boom is for the big end of town and the adjustment is for everyone else. What was that line about mining being bad for entrepreneurship?

Press Release SME

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.