The state’s peak body for business says confidence in the sector has increased but cost-of-living pressures continue to impact customer spending.
Business NSW released their Quarterly Business Conditions Survey Report to a packed breakfast event at the Ballina RSL earlier this month.
Keynote speaker was Dr Sharman Chan, chief economist with Business NSW.
Jane Laverty, Northern Rivers Regional Director for Business NSW says businesses have recorded their highest levels of confidence in nearly two years, but remain concerned about cash-strapped customers, insurance and energy costs.
She says the increase in business confidence to its highest level in nearly two years has largely been driven by interest rates remaining on hold.
‘With every interest rate rise, small to medium businesses experience an almost immediate reduction in customers walking through the door,’ Ms Laverty says.
‘When it comes to their customers, 95 per cent of businesses are experiencing some impact of the rising cost of living,’ she says.
Ms Laverty says business survey respondents consider taxes, levies and government charges as the area that requires top priority attention from government to improve the ease of doing business.
