Businesses are facing a new set of challenges in a post-COVID environment, with attracting and retaining employees, insurance costs and interest rates listed as the most significant impacts in a major shake-up of business growth constraints in Queensland in the past year.
CCIQ’s Pulse Survey of business conditions for the December quarter 2022 is out today shows retaining and recruiting workforces, wage costs and insurance costs have emerged as the most significant business growth impacts in a post-COVID environment in Queensland.
Key report findings
General business conditions in the December quarter decreased slightly, but remained satisfactory, largely as a consequence of solid sales.
Total sales revenue in the December quarter improved and indicates a further, but marginal, strengthening of sales.
Operating costs during the December quarter continued to significantly rise.
Close to half of businesses indicated their profitability weakened during the quarter and expect their profitability to continue to decrease in the March 2023 quarter, though to a lesser extent.
Labour costs in the December quarter continued to increase significantly. The labour costs index is expected to remain at high levels in the March 2023 quarter.
Employment levels decreased in the December quarter but remained satisfactory.