Small Business Momentum Survey
October 2024
Confidence
30% of businesses indicated they were confident in their individual business prospects.
Concerns
82% of businesses indicated they were concerned about the cost of business inputs.
Momentum*
The Momentum Index increased by one point to 100.8 points.
Staff
45% of businesses that have plans to expand are looking to hire additional staff.
Expansion
34% of businesses indicated they have plans to grow, alter or expand operations.
Revenue
16% expect revenue to increase, compared to 34% expecting a decline.
*The Index is comprised of three core indicators, including business decisions to hire staff or purchase capital equipment, their recent performance and expectations of their near-term performance.The Index measures current sentiment and business performance relative to recent levels. A recording above 100 implies businesses are in an expansionary phase and picking up momentum. A recording below 100 implies businesses are in a contractionary phase and slowing down in momentum.
Business confidence
These statistics are drawn from the results of an online survey completed by over 600 small businesses across NSW, between 1 – 31 October 2024.
About surveys
The Commission works to help resolve issues affecting small businesses across the State and influence meaningful change.
To this end, the Commission conducts a monthly survey to measure the confidence and performance of small businesses across NSW. The Commission will also conduct ad hoc surveys from time to time on specific issues.
Surveys are conducted through an online platform and responses provided by small businesses are treated confidentially.
Any questions or feedback regarding the survey may be sent to speakingup@smallbusiness.nsw.gov.au