NZ Business Management: NZ Businesses Better In The Crisis?
April 30th, 2010
It appears NZ businesses performed better than their Australian counterparts during the global financial crisis. Accounting software firm MYOB’s business monitor study surveyed 1000 businesses on both sides of the Tasman in July last year and found the proportion of businesses whose revenues fell was higher in Aust than NZ.
It found 35% of NZ businesses in the study surveyed reported a fall in revenue over the 12 months to July, compared with 39% in Aust.
Tim Reed, MYOB’s Sydney-based chief executive, said the study’s results showed New Zealand businesses had been quite resilient to the downturn, and does not agree with the idea Aust made it through the recession unscathed. He also says the argument Aust’s richness in natural resources means NZ’s economy will always be disadvantaged is being overplayed. He pointed out negatives to Aust’s resource wealth, such as driving up the exchange rate.
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