Survey highlights importance of stimulus response

The Chamber of Commerce and Industry of Queensland undertake regular surveys to better understand the pulse of the business community.

Newly appointed Toowoomba Chamber of Commerce CEO Todd Rohl. Picture: Contributed

The Chamber of Commerce and Industry of Queensland undertake regular surveys to better understand the pulse of the business community.

The survey, thanks to the responses of businesses in Toowoomba and broader region, provides the Toowoomba Chamber with important information on business conditions in Toowoomba and the southwest.

The latest results are in for the June quarter. 

They show that while the business community considers conditions in Queensland as weak, Toowoomba businesses are more optimistic than the rest of the state.

The optimism in Toowoomba and the broader region is reflected in the feedback given to the chamber by local business operators.  

The June quarter survey was conducted immediately after the height of the pandemic when forced closures heavily impacted trading, but as the initial easing of restrictions had begun.   

The key feedback from business in the region were:  

■ More than two in three business expect the state and national economies to further contract over the next 12 months;  

■ 58% of businesses experienced weaker conditions with COVID-19 restrictions;  

■ Greater optimism for improved profitability; and  

■ 42% of all businesses have sighted COVID-19 as still having a direct impact in some form on business performance.

Significantly, the survey looked at the impact of the State and Federal Government stimulus packages during the quarter. 

At the Federal Government level, stimulus measured accessed included 52.2% JobKeeper payments, 24.7% cash flow support payments, 19.6% accelerated depreciation (including instant asset write-off), 7.1% apprentice and trainee wage subsidy and 3% non-bank loans (lending guarantee scheme).   

Of those surveyed, 13.3% of business identified there was no support provided to them through Federal Government stimulus measures.  

At the state level, stimulus measures accessed included 26.8% electricity rebate, 21.4% payroll tax relief, 12.1% adaptation grants, 10.3% rent relief, 7.6% concessional loans, 6.6% waiver of fees and charges and 0.7% diversification grants.   

Almost one quarter of those surveyed identified that no support was available for their business from state stimulus measures.  

The survey results reiterate how important the stimulus measures have been.   

They also reveal real concerns about what happens at their end.  

What I am interested in is feedback from the business community on what impact the local stimulus measures have made on Toowoomba businesses.   

Let us know, by emailing [e-mail].

Originally published as Survey highlights importance of stimulus response