The good news is small businesses are currently being charged the lowest interest rates they have paid since the Reserve Bank of Australia started collecting this data back in 1993.
According to the Australian Bankers’ Association’s latest figures, small businesses are paying $9 billion less in interest now compared to 2011.
Its data suggests the average interest rate small businesses are paying has dropped from 8.4 per cent in 2011 to 5.3 per cent now, equivalent to about $3000 per year.
The bad news is this cannot last. Interest rates are already going up in the US. While there’s nothing yet in the RBA’s rhetoric about potential rate rises this year, th…
Read the full article at: http://www.smh.com.au/small-business/trends/the-big-idea/are-you-ready-for-a-rate-rise-20180116-h0j90a.html