The results are now in from the NSW Small Business Commission: Small Business Momentum Survey Report – June 2023.
The online survey was completed between 1 June and 30 June 2023 with 633 respondents.
June 2023 results:
Small business confidence moderated for a second consecutive month in June, decreasing by 3 percentage points to 23 per cent. Confidence levels are at a record low and lower than when NSW first entered lockdown in 2020.
Businesses continue to report challenging trading conditions. Increasing input costs (including energy, fuel, materials and wages), staff shortages, higher interest rates, weaker customer demand and economic uncertainty were cited as factors weighing on confidence in June.
- Confidence – 23 per cent of businesses indicated they were confident about their individual business prospects.
- Concerns – 86 per cent of businesses indicated they were concerned about the cost of business inputs.
- Challenges – 63 per cent of businesses anticipate 2023-24 will be a difficult trading period.
- Staff – 47 per cent of businesses that have plans to expand are looking to hire additional staff.
- Expansion – 34 per cent of businesses indicated they have plans to grow, alter or expand operations.
- Profitability – 7 per cent expect profitability to increase, compared to 55 per cent expecting a decline.
- Revenue – 9 per cent expect revenue to increase, compared to 45 per cent expecting a decline.
- Local economy – 13 per cent of businesses indicated they were confident about their local economy.
Download the full report: Small Business Momentum Survey Report June 2023