AMP Bank optimistic about Australian small businesses' resilience

AMP Bank believes Australian small businesses can withstand global market turmoil, despite concerns over U.S. tariffs and potential recession. The local economy is performing better than expected, with resilient consumer behavior and stable unemployment rates. AMP Bank is expanding into small business lending, launching a digital bank aimed at startups with fewer than 20 employees. The bank has partnered with accounting firm Xero to enhance its services for small businesses. Despite challenges, AMP Bank aims to simplify banking for small businesses and improve profitability. Analysts note that while the digital bank may help, it faces competition and challenges in enhancing its market position.