Brisbane businesses among the most optimistic, despite higher than average costs
Brisbane business are among the most confident in the performance of the state and national economies in 2022, despite higher than average labour and operating costs.
Key facts
- General business conditions in Brisbane fell 4.5 points to 42.1 in the December quarter, compared to a 7.4 drop to 38.8 state-wide.
- Employment levels were slightly above state average, falling 4.7 points to 43.7, compared to 5.6 point drop to 40.5 state-wide.
- Early Brisbane Olympics optimism is expected to drive higher than average confidence in Queensland and national economies.
Results from the Chamber of Commerce and Industry Queensland (CCIQ) December quarter Pulse Report show Brisbane businesses slightly outperformed the state as a whole, including higher than average sales, revenue and profitability while still recording among the highest day-to-day costs.
Brisbane Junior Chamber of Commerce President Lois Penney said while above average, there was still a 7.1 point drop in sales and revenue alongside a 4.5 point drop in general business conditions while capital expenditure remained steady among Brisbane businesses.
“Confidence in the state and national economy outlook also fell up to 16.5 points in the December quarter, so while businesses in Brisbane are among the most optimistic in the state, there is still work to do in their long-term recovery,” Ms Penney said.
Ms Penney said CBD businesses especially had been forced to adapt to changing business conditions and consumer trends in the December quarter.
“It’s meant despite reporting among the highest business costs in the state, Brisbane businesses still made it out of the December quarter with higher than average outcomes,” Ms Penney said.
“Brisbane businesses told us in December they expected 2022 would be among their most transformative opportunities for growth and development and we expect many are hanging onto the optimism, translating to higher than average confidence in the state and national economies.
“Some early confidence following the Olympics 2032 announcement is expected to drive that.”
CCIQ Policy and Advocacy General Manager Amanda Rohan said businesses were calling on the State Government consistently throughout 2021 to provide clear reopening and economic recovery planning as uncertainty would ultimately end up costing Queensland businesses.
“We called for access to Rapid Antigen Testing to be freely and widely available for business, a joint state and federal directly-targeted support package for businesses most impacted and clarity on what the state’s 90% vaccination milestone meant for business rules and mandates,” Ms Rohan said.
“Businesses told us without those commitments, they would struggle to re-open, stay open and be viable long-term.”
CCIQ media contact
Emma Clarke
Media and Communications Advisor
Brisbane Junior Chamber of Commerce contact
Lois Penney