THE NEWS WRAP: Poll shows only 17% of small businesses happy with Gillard government

Small business dissatisfaction with the Federal Government is at its highest level in eight years, with 57% unhappy with the support they get, according to a new poll.

The survey of 1,004 SME owners by MYOB found that just 17% were happy with the government, with disillusionment at its highest level since MYOB started taking the survey in 2004.

NAB hikes business loan rates

NAB has come under fire for raising the rates on some of its business loans, but has denied that the move is to subsidise a push into the mortgages market.

The bank cited high wholesale funding costs for its decision to raise business loan rates by 20 basis points. However, NAB has said it doesn’t expect a customer backlash. 

Apple results disappoint

Apple’s latest financial results have disappointed analysts, despite the tech giant posting a thumping $8.8 billion profit in the three months to June.

The profit level was 21% higher than the same period last year, but was lower than forecast, resulting in Apple’s shares dropping by around 5%.

Overnight

The Dow Jones Industrial Average fell 104.14 points, or 0.82%, to 12,617.32. The Australian dollar fell to US102.40 cents.