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Small businesses made improvements in their cash flows in the first quarter of the year, according to Westpac.
While income fell 1.4% in the March quarter, expenses fell 1.8%, leading to an improvement in the income-to-expenses ratio of 0.4%.
This marks the third consecutive quarter of decline for both income and expenses and also the highest income-to-expense ratio since the December 2021 quarter.
“Our customer data suggest that, in aggregate, things are heading in the right direction for businesses,” said the report.
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