CENTRAL HIGHLANDS BUSINESS SURVEY 2023 KEY FINDINGS 1
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The survey registered significant gains in the overall performance, revenue, and customer indices compared to 2022, demonstrating the resilience of Central Highlands businesses in the face of challenging conditions.
The index score is developed from the qualitative survey answers, creating a value between 1 and 100. As a guide, 50 to 55 would indicate the performance was neutral, less than 50 weaker and above 55 stronger.
Businesses are under increasing pressure due to escalating operating costs and a shortage of skilled labour. Sentiment for the coming year is stable, with little change expected in overall performance and revenue. Encouragingly, growth is anticipated in customer and staffing levels. Two thirds of local businesses have considered decarbonisation, with the majority (70%) focusing on energy optimisation.
OVERALL PERFORMANCE
80 (Index Score)
⁘ The overall performance index increased by eight points to 64, driven by growth in revenue and customer base.
⁘ Four out of five businesses reported performing the same or stronger over the past 12 months.
60
57
55
56
2021
2022
64
63
2023
2024 (Forecast)
40
⁘ Confidence for the upcoming 12 months remains stable, with the index projected to drop by only one point.
20
⁘ The ‘repair and maintenance services’ sector reported the lowest confidence level when looking ahead.
0 Mar ’20
CURRENT (2023)
LAST YEAR (2022)
FORECAST (2024)
64 56 63
8
43% 34%
38% 38%
38%
28% 48%
Stronger
19%
About the same
14%
Weaker