CCIQ June quarter Pulse Survey the chance for businesses to highlight future growth needs
Queensland businesses have the chance to share what they need to scale and grow in the future, including where they see the most significant business input costs and how that is impacting their bottom line, via CCIQ’s June Quarter Pulse Survey, out now.
Chamber of Commerce and Industry Queensland (CCIQ) Policy and Advocacy Manager Cherie Josephson said CCIQ’s quarterly Pulse Survey, which has been ongoing for more than 20 years, was a chance for Queensland businesses to also share their insight into the future of business in Queensland this quarter.
“In the March 2022 quarter Pulse Report we saw labour costs were at a record high as businesses struggled with satisfactory employment levels and a competitive skilled labour market,” Ms Josephson said.
“But for the June quarter survey we are looking to measurehow this is impacting on businesses, what businesses need to scale and grow now and in the future, what the most significant business input costs are, and where there are growth opportunities moving forward.
“Now is the time for businesses to have their voice heard where it counts, and the CCIQ Pulse Survey is the opportunity for them to ensure that happens.”
Pulse includes detailed measurements on business confidence, performance, employment levels, turnover and business profitability, as well as strategic planning and future investment decisions of Queensland businesses. This quarter the Pulse survey also seeks to better understand the impacts of rising operating costs such as electricity prices and transport costs, as well as how factors such as labour shortages and housing availability are impacting onQueensland businesses.
“We use this data to advocate to government with business needs at the forefront. It helps validate what businesses need, providing the data necessary for government to understand what impacts businesses are facing day-to-day.
“This is a really important time for Queensland businesses to be planning for future growth opportunities. Data we collect from the Pulse Survey is vital in helping us support businesses to realise those opportunities.
“We use these insights to help shape state and federal policies on behalf of businesses.”
The Pulse survey of business conditions is unchallenged in terms of being the most authoritative, timely and comprehensive snapshot of Queensland business sentiment, providing critical insights into the opinions of business owners across the state.
See cciq.com.au/pulse to take the survey.
Key findings from the March quarter Pulse Survey:
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Business confidence in the performance of the state and national economies over the next 12 months improved after a sharp contraction in the December quarter. The Queensland outlook increased 10.5 index points and national outlook increased 10.4 index points, both considered now satisfactory but not high.
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General business conditions improved 6.2 points in the March quarter as a consequence of better sales leading to partly improved business profitability. The March quarter index (45.0) however remains below this time last year (57.9) and is just above its 10 year average (43.6). The index remains below 50 indicating deteriorating business conditions across the March quarter.
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Total sales and revenue increased 8.1 index points however continues to reflect volatility seen between quarters over the past year. Whilst improving in the March quarter the sales and revenue index (46.9) is below its level at this time last year (57.4) and its 10 year average of 48.2.
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Labour costs in the March quarter increased significantly and the index is now at a record high of 71.4. More than one in two Queensland businesses increased their labour costs during the March quarter and the index is well above this time last year (65.7) and above the ten year trend of 60.1.