PVW Partners’ Business Confidence index reveals positive trend for Townsville businesses
Despite facing a raft of challenges, including the expansion of paid parking, Townsville businesses feel positive going into the final quarter of 2024. See why.
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As they look ahead to the remaining months of 2024, Townsville’s businesses feel increasingly positive according to the latest business confidence survey, despite numerous challenges to their bottom lines, like the planned paid parking expansion.
Accounting and advisory firm PVW Partners’ recently released Business Confidence Change Index for the December quarter, which recorded a 1.3 point rise in positive sentiment in its survey of the business community, continuing its upward trend for the second half of 2024.
With local businesses grappling with ongoing economic pressures including household budget constraints, staffing shortages, high interest rates, and rising material costs, this sentiment of cautious optimism was welcomed by partner at PVW Partners Sonia Chalk.
“Many indicators from our latest business confidence survey suggest that the majority of businesses expect their resource needs to remain steady or improve slightly as we approach the end of 2024,” Ms Chalk said.
“It’s clear that businesses are evolving to stay responsive in this uncertain economic environment. A notable positive trend is the anticipated increase in business spending on entertainment over the next quarter.”
She said this cyclical surge, tied to end-of-year functions and Christmas celebrations, marked the highest level of spending since 2014.
“For hospitality businesses – many of which are battling staffing shortages, rising insurance premiums, and power costs – this could come as welcome relief,” she said.
“While Townsville businesses continue to face widespread challenges across all industries, those that are able to adapt are remaining buoyant in these uncertain times. It’s reassuring to see businesses doing their best to stay resilient and optimistic about the future.”
Ms Chalk said their survey also revealed strong opposition to the planned expansion of paid parking, with most respondents saying it should be limited to areas with a genuine need to manage parking demand and that Townsville City Council should focus more on improving productivity, rather than generating new revenue.
Townsville Chamber of Commerce chief executive Heidi Turner said they were seeing mixed sentiments in the business community, with some industries feeling the pressure of high living costs, while others remained cautiously optimistic.
“However, opportunity doesn’t guarantee success. We need deliberate action to ensure the right enablers are in place for our region to fully benefit from emerging opportunities,” Mrs Turner said.
“It’s crucial we address inhibitors to growth, such as payroll tax and rising business costs like energy and insurance, while also focusing on proactive collaborative measures for some of the hurdles to growth like housing and attracting a skilled workforce.”
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Originally published as PVW Partners’ Business Confidence index reveals positive trend for Townsville businesses
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