The latest Business Conditions Survey, undertaken by Business NSW in collaboration with Business Illawarra, has found that business confidence in the region is the highest it has been in nearly two years but businesses remain concerned about cash-strapped customers, insurance and wage costs.
This quarterly survey of over 1,100 businesses across NSW has found that more than 50% of businesses have experienced reduced customer demand for their products and services (58%), cash flow disruptions (52%) and increased wage expectations (51%).
Business Illawarra Executive Director Adam Zarth said that the survey puts beyond doubt that whilst business confidence in the Illawarra is the highest it’s been in nearly two years and higher than the state average, many Illawarra businesses are continuing to feel the impacts of a slowing economy, inflation, wage costs, insurance costs and supply chain issues.
