CENTRAL HIGHLANDS BUSINESS SURVEY 2024 KEY FINDINGS The survey results indicate a generally positive trend in business performance, despite some mixed indicators. 78% of businesses reported maintaining or improving their overall performance over the past year.
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Business costs remain a major concern, with 2023’s high index carrying over into this year’s results. Four in five businesses saw increased costs, and nearly a quarter experienced a significant rise. While the staffing index has improved, recruiting and retaining qualified workers remains a critical constraint, impacting daily operations and long-term growth. Qualitative feedback confirms that many businesses still face substantial shortages. Despite these challenges, businesses are optimistic about the year ahead. Projected increases in key indices, such as a 10-point rise in the revenue index and a 9-point increase in the customer index, reflect a positive outlook.
The index score is developed from qualitative survey answers, resulting in a value between 1 and 100. As a guide, a score:
» below 50 indicates weaker performance, » between 50 and 55 indicates neutral performance, and » above 55 indicates stronger performance.
OVERALL PERFORMANCE
63 1
Change in overall performance over the past 12 months.
Index 100 90
44% Increase
34% No Change
22% Decrease
80 70 60
» Despite a one-point drop in the overall performance index, a score of 63 reflects favourable results.
» 78% of businesses performed the same or stronger compared to the previous 12 months.
» Looking ahead, businesses are optimistic, with the index projected to rise by five points to 68.
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55
56
2021
2022
64
63
2023
2024
68
50 40 30 20 10 0 2020 March
2020 July
Stronger
Neutral
Weaker
2025 (Forecast)