Small Business Survey

Small Business Momentum Survey
May 2024

Person with star
25% (+2%)

Confidence

25% of businesses indicated they were confident in their individual business prospects.

Person with question mark
82% (-3%)

Concerns

82% of businesses indicated they were concerned about the cost of business inputs. 

Mountain with flag
89.1 (-8.8)

Momentum*

The Momentum Index decreased by 8.8 points to 89.1 points.

Multiple people
39% (-2%)

Staff

39% of businesses that have plans to expand are looking to hire additional staff. 

Increasing bar graph
35% (+4%)

Expansion

35% of businesses indicated they have plans to grow, alter or expand operations. 

Increasing bar graph
13% (-2%)

Revenue

13% expect revenue to increase, compared to 38% expecting a decline.

*The Index is comprised of three core indicators, including business decisions to hire staff or purchase capital equipment, their recent performance and expectations of their near-term performance.The Index measures current sentiment and business performance relative to recent levels. A recording above 100 implies businesses are in an expansionary phase and picking up momentum. A recording below 100 implies businesses are in a contractionary phase and slowing down in momentum.

Business confidence

These statistics are drawn from the results of an online survey completed by over 600 small businesses across NSW, between 1 – 31 May 2024.

About surveys

The Commission works to help resolve issues affecting small businesses across the State and influence meaningful change.

To this end, the Commission conducts a monthly survey to measure the confidence and performance of small businesses across NSW. The Commission will also conduct ad hoc surveys from time to time on specific issues.

Surveys are conducted through an online platform and responses provided by small businesses are treated confidentially.

Any questions or feedback regarding the survey may be sent to speakingup@smallbusiness.nsw.gov.au