Drop In Demand Hits Business Growth

The latest survey of Queensland business conditions shows confidence in the economic outlook remains weak.

Business Chamber Queensland’s recent March quarter Survey of Business conditions highlights how cost pressures and labour shortages continue to hit businesses.

Chamber President Simon Penrose said the latest survey makes for difficult reading and reflects the challenging environment business owners face.

“These unfavourable conditions have been with us for a while and, until recently, costs pressures and staff shortages were the major issues.

“Now we are seeing falling demand starting to emerge as another key constraint on business growth.

“The survey suggests lower demand and rising interest rates are forcing businesses to re-evaluate their expenditure strategies over the coming year, which correlates with what I’ve been hearing from Northside businesses.”

The online Pulse Survey of Business Conditions collected responses from Queensland businesses from April 4 to April 25, 2023, on business sentiment and activity for the March quarter of 2023. You can download the March Quarter Pulse Survey here.