31 March 2016
ACT BUSINESSES LOOKING TO GROW
While the Chief Minister outlined his vision for ACT’s economic future in his ‘State of the Territory’ address today, the outlook according to local businesses was also unveiled.
The Deloitte CBC Survey asked ACT-based businesses for their insight in the region’s SME sector. Conducted during the first quarter of this year, over 150 businesses shared their views. Deloitte will undertake the survey every six months to develop a time series.
Overall, businesses indicated a high level of confidence in regard to their own business and generally in relation to the ACT economy. However, global and national economic factors are weighing heavily on their current levels of optimism.
Most businesses in the ACT are looking to grow, but believe red tape is still a hindrance to their capacity to expand. The survey revealed employment regulations and skills shortages are also expected to impact on growth.
Businesses owners pointed to domestic competition and tech advancements as other factors that may limit growth plans.
ACT businesses are successfully entering other markets and exports from the region have been increasing. According to the survey, 55 per cent of ACT companies currently sell outside of NSW/ACT, while 25 per cent are already exporting.
Canberra Business Chamber CEO, Robyn Hendry said one of the key reasons it undertook the survey is because the region is often overlooked in national data collection.
“Gaining timely insights into the Canberra Region economy is not always easy from national state/territory data sets, partly due to our jurisdiction’s relatively small size and also the economic interface with the NSW Region,” Ms Hendry said.
“If we are to achieve the Chamber’s Destination 2030 vision, insights like those provided as a result of this survey will be critical in directing our efforts towards achieving private sector growth and greater economic diversity.
“The partnership between the Chamber and Deloitte is an excellent start to informing ourselves where the opportunities and challenges lie and to building on this understanding over time.”
Canberra Business Chamber will further analyse the sentiments expressed by businesses in the survey results released today to identify measures that might be needed to move towards Destination 2030.
Media Contact: Robyn Hendry, CEO Canberra Business Chamber 0418 462 151