Central Highlands Business Survey 2022 Key Findings 1
The cost of doing business is at an all-time high, with four in five businesses experiencing an increase in the past 12 months. Almost a third (32%) of businesses reported that the increase was significant.
2
Government restrictions and mandates, labour shortages and supply chain disruptions have resulted in 46% of businesses experiencing a negative impact from COVID-19. This is a significant increase from 32% last year (2021 survey).
3
Compacted by COVID-19, labour shortages continue to be one of the biggest constraints to growth. 29% of businesses experienced a decrease in staff over the past 12 months.
4
Businesses are cautiously optimistic about the next 12 months. While costs are anticipated to continue increasing; overall performance, revenue and customer levels are expected to strengthen.
Overall Performance
80 (index score)
ण The overall business performance index was on par with last year, increasing by one point to 56.
60
ण ‘Personal services’ and ‘food and beverage services’ sectors reported the weakest performance, while ‘accommodation’ and ‘education and training’ reported the strongest.
40
ण Businesses are cautiously optimistic about the coming 12 months, buoyed by the easing of government mandates and restrictions and strong commodity prices. The forecast index is expected to rise eight points.
Current (June 2022) Last Year (June 2021) Forecast (June 2023) Stronger
“
56 55 63
1
About the same
The index score is developed from the qualitative survey answers, creating a value between 1 and 100. As a guide, 50 would indicate the performance was neutral, less than 50 weaker and above 50 stronger.
20
0 Mar ’20
34% 32% 39%
Jun ’21
Jun ’22
2023 (forecast)
38%
28%
41%
27% 44%
17%
Weaker
(Business) should be more stable without the mandates.”
“
Looking forward to the next 12 months with bigger projects coming up.”