Small Biz Buzz: Retail Growth; SME Funding

Here's what's making headlines in the small business world this week.

Strong retail sales growth

There's good news for retailers, with recent figures from the Bureau of Statistics showing a 0.6% rise in turnover.

The February result is promising, after subdued sales across the December-January holiday period, and the data shows strong sales in household goods, accessories and clothing and footwear.

The news comes as the rba holds steady on record low interests rates of 1.5%.

Inquiry into international SME funding

And the Small Business Ombudsman Kate Carnell has launched an inquiry into a range of international initiatives that could help small and medium businesses find funding.

Ms Carnell says 2.2 million SMEs rely on credit and yet the big banks continue to label SMEs 'high-risk'.

The initiative will analyse findings from a productivity commission report, which revealed many small and medium businesses are denied access to capital they need to grow.

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