October Small Business Momentum Survey

Small business confidence in NSW remained subdued in October.

31 per cent of businesses indicated they were confident about their individual business prospects, one percentage point higher than the September survey.

Businesses in Greater Sydney are more confident than those in regional NSW, a difference of 8 percentage points.

Small businesses continue to report a challenging operating environment. Rising input costs, staff shortages, higher interest rates, severe weather events and economic uncertainty were cited as factors weighing on confidence in October.

There was a slight decline in the percentage of businesses expecting their revenue to increase over the next 3 months (19.8% to 18.1%) and an increase in the percentage expecting a decline (27.1% to 30.5%). 43.9% expect no change.

23 per cent of businesses need staff but have never considered hiring a skilled migrant, while 19 per cent have considered hiring a skilled migrant but never applied.

The online survey was completed between 1 October 2022 – 31 October 2022.

For more statistics, go to the Small Business Survey page.