March update from the Commissioner

While we had hoped to have seen a marked improvement in business conditions, our survey and feedback indicate that it remains very tough for small business. According to our latest Momentum Survey,  just 31 per cent of businesses are confident in their own prospects. Input costs, staff shortages, higher interest rates, compliance burdens and weaker customer demand are the primary reasons eroding business confidence.  

We have just published the Commission’s 2023 Annual Report.  It was another busy year, with requests for assistance remaining about double pre-COVID levels. I commend the report to you and I would like to thank all our stakeholders, key industry groups and local councils who collaborated with us to support and assist small businesses in 2023. 

I am pleased to advise that we have re-established the Commission’s Small Business Reference Group. The SBRG formed during the COVID-19 pandemic proved to be an invaluable sounding board and I expect the new group will be equally relevant in addressing the current challenges facing small businesses in NSW. Thank you to those businesses and organisations that have agreed to participate. 

One issue of which many small businesses may not be aware is the crackdown on the sale of vapes. Sales of vapes are being progressively phased out and it is expected that by the end of this year it will only be possible to buy a vape with a prescription, and all sales and advertising outside the pharmacy supply chain will be forbidden. On a related the topic, the Commission continues to advocate for stricter enforcement of the regulations in place in respect of the sale of illicit tobacco.   

Lastly, I recorded a podcast recently with Fire and Rescue NSW Commissioner Jeremy Fewtrell, who had some great practical advice and tips on how small businesses can reduce risk and manage the threat of fire in the workplace.  

We hope you have a safe and happy Easter. 

Chris Lamont 

NSW Small Business Commissioner