Small Business Momentum Survey October 2023

Responses to the Commissions Small Business Momentum Survey have confirmed business confidence remains low as small businesses struggle with higher interest rates and rising business costs.  

Concerns about the cost of business inputs increased to 83 per cent, up 4 percentage points since September. Gas and electricity price increases, cash flow and level of customer demand were the other main issues affecting businesses.  

Despite the challenging conditions the Momentum Survey also indicated the proportion of businesses looking to expand their operations rose in October, increasing by 3 percentage points to 36 per cent, just above the series average of 35 per cent.  

Of those businesses with plans to expand, one in two businesses (52 per cent) are looking to hire additional staff.   The November survey to be released within the next two weeks will capture the impact of the latest Reserve Bank hike in official interest rates.