Closing time

THE latest figures from the Bureau of Statistics reveal the Global Financial Crisis' ripples are still being felt by South Burnett business owners.

SHUT UP SHOP: Latest figures show a record number of Queensland businesses closing down and it’s being felt locally with shops like Nanango Rural, which remained in business for years, now closing their doors. Picture: Contributed

THE latest figures from the Bureau of Statistics reveal the Global Financial Crisis' ripples are still being felt by Queensland business owners with more shutting down than opening and the South Burnett has been no exception.

The tough financial climate has seen a record number of local businesses closing with very little reopening to fill the gaps.

Chamber of Commerce and Industry Queensland policy analyst Michael McGregor said despite the GFC occurring almost half a decade ago, certain industries are still feeling it's affects and will likely for some time.

"The retail sector, which accounts for a lot of rural business in the towns, are finding the increases every year from July 1, as well as the high Australian dollar driving consumers to shop on-line, is making it a harder task for them remain competitive," Mr McGregor said.

"Industries not associated with the mining sector are taking the biggest hit as ongoing uncertainty in Europe is dampening consumer confidence and people are less inclined to spend."

SBRC councillor Damien Tessmann believes the recently released statistics rang true for South Burnett businesses.

"With the global climate over the last few years and a number of external factors, businesses are really doing it tough in the South Burnett," Cr Tessmann said.

Cr Tessmann said it's not just one factor that has been crippling local and state business.

"A combination of factors such as online retail, the uncertainty globally, people in the public sector losing their jobs means a lot of the foot traffic in stores downtown is decreasing," he said

"Unfortunately there isn't a silver bullet that can fix all of these problems, but what the regional council can do is be active in lobbying the state government to lessen regulations to increase business' profitability and to allow them to focus on growing."

Originally published as Closing time