Trading conditions on the rise for Toowoomba businesses

Toowoomba businesses have recorded positive business trading conditions for the first time in 18 months.

The positive news for Toowoomba’s business community has been revealed in Toowoomba and Surat Basin Enterprise’s (TSBE) latest bi-annual Business Confidence Survey Report released today.

The survey reaches thousands of Toowoomba and Surat Basin businesses and is aimed at better understanding the local issues affecting business profitability and growth, and the perception of the likely economic climate ahead.

“It is really positive to see Toowoomba businesses recording improved business operating conditions for the first time in 18 months, with Dalby and Roma businesses also performing considerably better,” Dr Lyons said.

“As would be expected, businesses in the agriculture sector continued to perform strongly, with manufacturing and retail trade businesses experienced a significant increase in performance.

“The mining and resources and construction sectors both continue to perform at a less than optimum level as we continue to ride out the slowing down in the resource sector in the region.”

As a part of the Business Confidence Survey, a selection of business CEO’s are asked to identify the key issues affecting their business, with government policy and regulation, broadband and IT access, and a declining customer base the top rated.

On a positive, Dr Lyons said the latest reports echoes results of previous reports, with businesses optimistic when it came to general business expectations for both the short-term (six months) and medium-term (three years) future.

“This was also the case for confidence in regional economic conditions for the short- and medium-term future, and we are seeing the six-month outlook for the regional economy positive for the first time in 18 months,” Dr Lyons said.

The Business Confidence Survey Report is buoyed by the recently released sister Consumer Confidence Survey Report which reveals consumers are also looking to the future, with strong optimism levels for regional business conditions in the next six months and three years.

This Consumer Report also indicated that labour market conditions were at the strongest they had been in the last 18 months.

“We are in the game of optimism at TSBE, and while we acknowledge that businesses are doing it tough out there, we are pleased to see that confidence in our region’s future still exists for both businesses and consumers,” Dr Lyons.

“There is a lot to be excited about in this region – we are seeing major opportunities open up off the back of our increasing infrastructure connectivity and the CBD in Toowoomba is experiencing unprecedented investment.

“Latest figures show unemployment in Toowoomba has declined to 4.4 per cent, down from 4.8 per cent in December last year.

“Later this year, TSBE ‘s AccessChina’16 business delegation will take a group of 200 plus businesses direct from Toowoomba on what would be the first international passenger flight from Wellcamp Airport to Shanghai, China to investigate opportunities for our food and agriculture, mining and manufacturing, health and education and tourism sectors.

“We are genuinely excited about what the future of this region looks like and the results of these surveys show that our community is too.”

The surveys were designed by leading economic firm Lawrence Consulting to ensure independence of the results. The survey was also supported by TSBE Platinum member, Power Tynan Accountants.