July Small Business Momentum Survey
A modest increase in small business confidence
11 August, 2023
Small business confidence rose slightly in July after successive declines in recent months. Despite the improvement, business conditions remain weak with only 28% of businesses confident about their prospects.
The RBA's decision to leave the cash rate unchanged at 4.1% may have contributed to an improved business outlook, with some respondents citing recent increases as a concern for their business.
The percentage of businesses expecting an increase in revenue and profitability also increased in July. Seventeen per cent of businesses expect revenue to increase over the next three months, up 8 percentage points from June. The survey results show the concerns and challenges faced by the hospitality and retail sectors.
The online survey was completed between 2 July and 31 July 2023.