Pulse Report March 23

Business Chamber Queensland’s Pulse Survey of business conditions for the March quarter 2023 revealed that decreased demand and economic activity attributed to inflation and interest rates have resulted in a decline in business performance in the March quarter.

While retaining and recruiting suitable employees is still the top constraint for Queensland businesses, its severity has eased since the December quarter. The constraints on business growth has revealed that the impact of recent interest rate increases on consumer spending is being felt by Queensland business.

The level of demand and economic activity has reentered the top five constraints on growth, and interest rates have risen to second place for the first time since March 2010 In contrast, direct wage cost has dropped out of the top five constraints for Queensland businesses.

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Each Regional Pulse Survey is available by clicking on the region's name for a local focus and insights:

Brisbane

Far North Queensland

Sunshine Coast

Top constraints for Queensland businesses

Constraints on Business Growth

Business feedback revealed that decreased demand and economic activity attributed to inflation and interest rates have  resulted in a decline to business performance in the March quarter. While retaining and recruiting suitable employees is still the top constraint for Queensland businesses, its severity has eased since the December quarter. The constraints on business growth has revealed that the impact of recent interest rate increases on consumer spending is being felt by Queensland business.

The level of demand and economic activity has reentered the top five constraints on growth, and interest rates have risen to second place the first time since March 2010 In contrast, direct wage cost has dropped out of the top five constraints for Queensland businesses.

Excerpt quotes from businesses

“As Queensland begins to gear up in terms of infrastructure, I expect our economy to strengthen. As for the nation there is to much being spent in non productive areas Growth can only come from productivity."

– Agriculture/forestry/fishing, Small business, Sunshine Coast

 

“Mortgage rate hike impacts and cost of living increases mean there is less money available to most households to spend on non essentials."

– Accommodation hospitality, Micro business, Brisbane

 

“ Cost of living is having a huge impact People are not spending money on things that are not essential, there is a lot of fear currently."

– Financial Services, Micro business Gold Coast

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Acknowledgement of Country

Business Chamber Queensland respectfully acknowledges the Traditional Owners and custodians of the lands from across Queensland and the Torres Strait. We acknowledge the Jagera and Turrbal people as the Traditional Custodians of Meanjin (Brisbane), the lands where our office is located and the place we meet, work and learn. We pay our respects to Elders past and present.