2021 SME Banking Insights - Mid Year Report
Given the dynamics of 2021, we felt that it was important to undertake another comprehensive health check of the SME economy six months on from the last report. This mid-year report reveals that one in two SME businesses (with a turnover of $1 million to $50 million) are in a growth/expansion phase, whilst one in two also attempted to access new funding in the last six months. Sadly, this report shows that some things never change, particularly when it comes to the major banks.
Inflation, Lockdowns and Policy Support Programs
The NSW Government has extended the greater Sydney lockdown by 4 weeks with 8 Local Government Areas (LGAs) covering approximately 2 million residents now ‘locked in’. Construction and trades can resume next week outside of the 8 LGAs.
The Federal Government has extended financial support to business and individuals. Disaster Relief Payments to individuals will be increased to the original JobKeeper level of $750 a week while mid-sized companies can access JobSaver payments of up to $100,000 a week.
RBA Policy Announcement: Monetary Policy Normalisation Begins... Slowly
Despite the strong recovery from last year’s economic downturn and surging labour demand this year, the RBA has not changed their view that wages and inflation will remain undesirably low for a number of years to come.
Weekly Economic Insights
The NSW new COVID case count is stabilising while other states have come out of snap lockdowns. The economic impacts of these lockdowns should not derail the strong economic narrative, but exposed industries will be suffering in the absence of JobKeeper
SMEconomics Report 8th Edition
Welcome to the 8th edition of the Judo Bank SMEconomics Report, providing you with the latest insights into Australia's current economic outlook and recovery. In this edition, we address the continued economic expansion occurring across Australia, the state of household finances, challenges in the labour market and the implications for SME business, with a particular focus on the hospitality, construction and export related sectors. Click below to read the Judo Bank SMEconomics Report.
The COVID Economy 2021: Assessing the Impact of Victoria’s Lockdown 4
Victoria’s lockdown enters week two. The economic impacts, particularly on small businesses operating in the hospitality sector could be substantial in a post JobKeeper world.
Economy on Track as Activity Surges in Q1
Confirmation that the strong economic recovery continued early in 2021 with the transition to a private sector-led expansion well underway.
Federal Budget 21-22.
Australia has emerged from the pandemic in a stronger position than most, but now the time has come for a more future-minded approach to economic management. On Tuesday 11th May 2021, Treasurer Josh Frydenberg will announce the 21-22 Federal Budget.
At Judo, we are purpose-built to serve SMEs. That’s why we’re bringing you the key takeaways from this year's Federal Budget, in the context of what it means for you as a business.
CPI (Q1): Core Inflation Falls to Lowest Annual Rate Since Great Depression
Core or underlying inflation attempts capture the inflation trend in the economy. Core inflation is now at its lowest annual rate in almost 100 years, that is, since the Great Depression of the 1930s.
SMEconomics Report 7th Edition
Welcome to the 7th edition of the Judo Bank SMEconomics Report. After what has been a year unlike any other, 2021 is all about economic recovery and the outlook for growth. This edition of the Judo Bank SMEconomics report provides insights into the outlook for the housing market, inflation, population growth impacts on the economy and the end of JobKeeper. Along with the growth outlook for the world’s two biggest economies, the US and China and implications for Australian businesses.
The facts, the forecast, the future. A guide to the most important budget of a generation.
As a relationship-focused bank, we are committed to supporting our customers and non-Judo customers through the current economic environment and beyond. In partnership with renowned economist Warren Hogan, we’ve created an essential Federal Budget eBook and podcast. We hope the insights and perspectives contained within both provide Australian SMEs with welcome clarity and direction. The government’s message is clear. The economy has been on pause for long enough, now it's time to press play and get Australia and Australian businesses moving forward again.
The critical gaps affecting SME businesses
A tumultuous year for lives and businesses yet, despite all the claims of support, a glaring hole remains in banking service standards for Australian SME businesses. Less than a year after gaining our banking license, Australia was met with the worst recession in a generation and a public health crisis that shook the world.
Optimism and opportunity: what’s on the cards for growth-hungry SMEs in 2021?
After a tumultuous year, many Australian businesses are now tasked with adjusting to a Covid normal. But outside of mask wearing, social distancing and hand sanitiser, what’s needed for Australian SMEs to bounce back in 2021? Recent research conducted in partnership with Smart Company has identified the challenges and opportunities facing businesses today, and shortfalls in support for SMEs within the wider banking landscape.
SMEconomics Report 6th Edition
2020 has been a year unlike any other with the impact of the COVID pandemic being felt across the global economy. This edition of the Judo SMEconomics report examines the Australian economic landscape and provides insights into what the recovery looks like for Australian business now and into the future.
We paused. We protected. We pivoted: What's next for Australian businesses?
2020 has seen businesses across the world navigate unthinkable challenges. Young businesses have experienced impact so great that not even those with decades of experience knew where to turn, while more established companies have seen years of success wiped out overnight. But with six months of pausing and pivoting in our rear view mirror, what’s next for business? Judo shares its top tips for businesses on how to close 2020 with momentum as we adjust to a COVID normal.
The facts, the forecast, the future.
A guide to the most important budget of a generation. As a relationship-focused bank, we are committed to supporting our customers and non-Judo customers through the current economic environment and beyond.
In partnership with renowned economist Warren Hogan, we’ve created an essential Federal Budget eBook and podcast. We hope the insights and perspectives contained within both provide Australian SMEs with welcome clarity and direction.
Set your business apart from the herd by capitalising on its key strengths
COVID-19 is a huge catalyst for change within the business community. There has never been such potential for innovation, but the real question is how to do it well. The answer is to capitalise on key strengths in your business, and identify potential opportunities for innovation that may be right under your nose.
SMEconomics Report 4th Edition
This is serious. When will it end? Where will it end? In early May, the Australian Bureau of Statistics (ABS) released data suggesting that almost 1,000,000 people had lost their jobs since mid March 2020. The job losses from March/April this year are simply staggering. As the Governor of the Reserve Bank and others have said, we have not seen losses of this magnitude since the Great Depression of the late 1920s and early 1930s.
The passion that drives Judo Bank co-CEO Joseph Healy
On 24th April 2019, Judo Bank officially became a bank. With Joseph Healy and David Hornery at the helm, we set off on our mission of making lending human again, transforming the banking landscape for SMEs that need it most. Having spent much of his career working with the Big 4, Judo Bank co-CEO Joseph Healy wanted to bring back relationship banking in its truest form, with small to medium businesses the key focus.
Putting the 'rrrrrrrr' in your SME recovery engine
"Recently, I was delighted to join Frank Versace and the Judo Bank team for a webinar with the enterprising women and men who have selected Judo as their best ally in pursuing their SME goals. The following 8-step ‘r’ plan, is not pirate-speak, but useful straight-talking suggestions about what SME owners and leaders could potentially do when it comes to planning a post-pandemic course of action."
Judo CEOs on resilient leadership in challenging times
2020 has already delivered countless history-making challenges for businesses and individuals – and we’re barely half way through. Judo Bank CEOs Joseph Healy and David Hornery have tackled the crisis head on, with a focus on leading their people and their customers through these difficult times with integrity, passion and razor-sharp focus.
In a recent webinar, Joseph and David shared their leadership insights with Samantha Martin-Williams from the Trans-Tasman Business Circle. This blog shares key takeaways on resilient leadership in challenging times, including how they’ve prepared Judo people to brace for impact and how the client remains at the forefront of every decision.
The critical role of accountants in Covid-19 business banking decisions
Last month, Judo Bank’s Frank Versace and Michael Borlase presented an insightful webinar to accountants in partnership with Practice Ignition, explaining how together we can help the SME community through the Covid-19 crisis. As a challenger bank, it is our job to challenge the way the banking sector supports SMEs and their lending needs, especially in times of darkness.
In this blog, we capture all the key information from the webinar, leaving you empowered to support your clients with Judo Bank in your corner.
Government guarantee loans explained: Supporting SMEs through the crisis
Recently, Mentored’s Mark Bouris interviewed Judo Bank co-CEO, Joseph Healy, to help explain the Government Loan Guarantee scheme which has been introduced as a result of the Covid-19 Crisis to help small to medium businesses. In this blog, we share key insights into how the Government Loan Guarantee scheme works and how SMEs can get loan-ready to maximise the chances of loan approval.
The light and the dark of the Covid-19 pandemic
We don’t need to pump you with statistics to demonstrate what a catastrophic year 2020 has been for Australia. In the wake of the tragic bushfire crisis, we saw a mere moment of relief before the Covid-19 pandemic took hold and tore apart lives, jobs and businesses. In darkness, however, there can be light. Today, Judo Bank shares some of the most compelling examples illustrating the true magnitude of the Covid-19 crisis, before exploring the unexpected reasons to smile.
A letter to SME's
Covid-19 is a global storm that has left no person unaffected. In a sea of uncertainty, one thing is for sure: this too shall pass. Australia will see a better tomorrow. Change is tough. Life is tough. Business is tough. But it WILL end and you are anything but alone. Nobody knows what lies on the other side of this crisis but we can control our perspective and the action we take today, tomorrow and beyond.
Are we ok? The Chief, Judo and you
The Coronavirus is fundamentally challenging our society, economy, health and priorities in an unprecedented and highly unpredictable way. We are here to support you and your business manage change. Judo is dedicated to being helpful and supportive to our SME community, today and beyond. You will be ok. We will be ok. To say the current situation is fluid is something of an understatement. The landscape is shifting dramatically and frequently each day.
Frank Versace’s top tips for SMEs during Covid-19
Judo Bank’s Managing Director Relationships, Frank Versace, has been on the frontline of helping SME businesses navigate the Covid-19 pandemic. As a SME business owner in such unfamiliar territory of an economic crisis with public health at the forefront, we understand you need support and actionable advice on how to survive these challenging times.
Following Frank’s recent webinar with Family Business Australia, we share some of his top tips for SMEs on navigating cash flow during times of uncertainty.
How to access bank support during Covid-19
Judo Bank’s Managing Director Relationships, Frank Versace, recently presented a webinar to the Business Owners Association of Australia, during which he shared important insights for SMEs seeking financial support during Covid-19.
In this blog, we capture all the key learnings and provide actionable steps on how SMEs can access the support they need to move forward financially in times of darkness.
Safety and wellbeing in remote working
Never has the focus on safety and wellness for you and your team been more important. At Judo Bank, safety and wellness is fundamental to our ability to steer the team safely through these troubled waters. We understand that not all SMEs have the benefit of a fully resourced HR function, so today, we’re sharing some insights from our HR team, on how to protect and nurture your people during these difficult times.
Managing your banking relationships
The fallout of the Covid-19 pandemic has left business and banking relationships in unchartered territory. Handling sensitive consumer data, managing teams, understanding client needs and working out how to service them appropriately, are among the biggest challenges facing SMEs right now. The Irish Chamber of Commerce hosted a webinar in March, that featured Peter Ryan, Director Relationships at Judo Bank. To assist SMEs in successfully navigating and managing their banking relationships during these challenging times, we’ve rounded up the key takeaways and insights for SMEs.
Navigating uncertainty – Covid-19 and beyond
The Covid-19 outbreak has shaken the SME sector to its core. As the situation stabilises and the environment remains uncertain, we are acutely aware that the recovery of entire industries is dependent on many factors entirely out of our control. We therefore need to focus on what we can control or at least, influence. In these unprecedented times, businesses have a choice – waive their white flag, or step up. While any level of certainty has gone out the window, innovative thinking and a ‘big picture’ approach are SME’s secret weapons when it comes to surviving the crisis.
How to take a calculated risk
Starting a business can be as stressful as it is exciting. Whether it’s your first business or seventh, it’s important to lead with confidence and not let your feelings get in the way. To steer towards long-term success, it helps to learn about calculated risks as much as you can. Knowledge and awareness can keep you on track and help you feel more in control.
Updating your Term Deposit nominated bank account
If you have not updated your Term Deposit with a nominated bank account (the external bank account your payments are directed to) or the details for your nominated bank account are incomplete, please log in to your Internet Banking and update your nominated account details.
Unfortunately, we cannot pay out any money from your Judo Term Deposit until we have the details confirmed for your nominated account. If you are unable to update your nominated account details prior to your next payout date, any funds due to be paid out will roll into your Term Deposit or will be rolled into a new Term Deposit if the payment is due to occur at maturity.
For a step-by-step guide please click the link below.
Updating your Term Deposit maturity instructions including depositing more funds at maturity
If you have not updated your maturity instructions your account will currently be set to roll over into a new Term Deposit at maturity. If you are comfortable letting your deposit roll over into a new Term Deposit for the same term, then no action is required. However, if you would like to change these maturity instructions, including topping up your deposit or paying out some or all of your deposit, please update your maturity instructions prior to the date of maturity by logging in to your Internet Banking. For a step-by-step guide please click the link below.
Updating your Tax File Number
If your Judo Bank Term Deposit is due to mature soon and you have not confirmed your Tax File Number, withholding tax will be deducted from the gross amount of interest paid to you. To avoid being charged withholding tax, please update your tax details by logging in to your Internet Banking and selecting the "My details" option on the left-hand side menu. Please note, you need to update your details prior to your Term Deposit maturing to avoid being charged withholding tax.
Rolling up your sleeves and doing it yourself
While many of us may fantasise about opening a business, the dream is often quite different to the reality. Once you progress from goal setting to planning, your vision may seem significantly more challenging to achieve. But if you’re ready to roll up your sleeves and do the hard work, it can be incredibly enriching and rewarding.
SMEconomics Report 2nd Edition
Welcome to the 2nd edition of the Judo Bank SMEconomics Report. Our aim is to provide you with ideas - food for thought and discussion. We don’t have all the answers, but we can have a go at making sense of the world we live, and do business in.