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NSW Business Conditions March 2019

23/04/2019 2:17 PM | Anonymous

The following information and links to additional information has been provided by the Policy and Advocacy Team of NSW Business Chamber.

 

The NSW Business Chamber recently released the results of our March 2019 edition of the quarterly Business Conditions Survey.
The Business Conditions Survey is a powerful advocacy tool that the Chamber uses as it fights for a better deal for business.
Please click to view the March 2019 Survey Report, collated from the feedback of over 700 member businesses.
A more detailed breakdown of results are available through the March 2019 Regional Results and the March 2019 Industry Results.
For information on prior surveys or other Chamber policy and advocacy activities, please click here.

For information on prior surveys or other Chamber policy and advocacy activities, please click here.


March 2019 Survey Overview

Business conditions have fallen sharply as the NSW economy continues to slow down with the largest drop in business confidence since July 2010 and the fastest turnaround in sales, staffing levels and capital spending on record.  Most concerning are the sharp falls in the staffing and capital spending indices (now well into negative territory) suggesting that perception may become a reality as businesses curtail spending.
A confluence of factors appear to be influencing business sentiment with businesses adopting a holding pattern mentality (see ‘Business needs in focus’ for further discussion).
Around half of respondents (53.1%) indicated their perception of a weakening economy was due to their own experiences in their business or local economy (as opposed to other factors such as the views of media commentators).  More than half (64.9%) indicated their negative perception of the economy would affect decisions made in their business such as those relating to staffing levels and investment.
A confluence of factors appear to be influencing business sentiment with businesses adopting a holding pattern mentality (see ‘Business needs in focus’ for further discussion).
The survey period occurred in the lead up to both the NSW State and Federal elections which many respondents cited as something they were concerned about.  Others cited the impact of the Banking Royal Commission as affecting access to finance or creating uncertainty around business models.
Household demand is much weaker than first thought and respondent feedback suggests customers are not spending as much as they were before.  A large number of regional respondents gave feedback that the drought was continuing to have a severe impact on their business.
The drop in confidence occurred state-wide.  Only the Capital Region reported an increase from the previous quarter.



 

 


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