With the election done and dusted the Chamber’s latest Business Conditions Survey reveals that businesses across NSW are feeling optimistic about the economy.
Business owners in NSW remain optimistic about the future of the economy despite experiencing mixed results over the last quarter, according to NSW Business Chamber’s latest quarterly Business Conditions Survey
The survey, which was conducted throughout the recent Federal Election campaign, surveyed more than 1000 businesses across the State.
“Overall, the state’s businesses believe that the next three months will be better than the last three, which is a good sign,” said Chamber CEO Stephen Cartwright.
The focus on the economy and the importance of the business community throughout the Election campaign, and subsequent negativity created, may have affected some of the results recorded in the survey however.
“Constantly talking things down becomes a self-fulfilling prophecy, especially in small business,” Cartwright said.
Respondents from Sydney, the Northern Rivers and the Central Coast in particular were less optimistic than the previous quarter when it came to their views on the current economic conditions and their own profits.
While just under half of all respondents (49 per cent) reported hiring staff in the past quarter, either to replace existing staff that had left or to increase their workforce, 25 per cent of businesses continue to report difficulties in accessing skilled staff. An ongoing issue, this was most keenly felt during the past quarter in the Mid North Coast (38 per cent) and Central West Orana (Western NSW, 32 per cent).
In a positive sign for the NSW economy, 44 per cent of respondents initiated some form of capital spending in the past quarter, either in the form of replacing ageing assets or to increase capacity to cope with an expected growth in demand for their products and services.
In Western Sydney a new report, Westmead Innovation District, Building Western Sydney’s jobs engine, has tipped Westmead to become a new economic powerhouse with a cluster of up to 50,000 knowledge jobs by 2036.
“This report identifies an action plan for investment to ensure we capitalise on the job opportunities for Western Sydney’s next generation,” says Western Sydney Director of the Sydney Business Chamber, David Borger said.
“Over the next 20 years our region faces staggering growth. This is our opportunity to harness the potential of an educated and innovative population creating high value jobs on their doorstep.”
More than $3.4 billion is already committed by government, universities and the private sector to upgrade and expand the precinct’s health services, education and medical research facilities over the next few years.
The Westmead Innovation District, Building Western Sydney’s jobs engine report can be found here.