Small Business Momentum Survey
February 2023
Confidence
34% of businesses indicated they were confident in their individual business prospects.
Concerns
89% of businesses indicated they were concerned about the cost of business inputs.
New challenges
The RBA increasing interest rates to 3.35% for a record ninth consecutive hike.
Staff
45% of businesses that have plans to expand are looking to hire additional staff.
Expansion
37% of businesses indicated they have plans to grow, alter or expand operations.
Revenue
21% expect revenue to increase, compared to 29% expecting a decline.
These statistics are drawn from the results of an online survey completed by over 600 businesses across NSW, between 1 – 31 December 2022.
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 [email protected]
View previous monthly survey reports
January 2023
December 2022
November 2022
October 2022
September 2022
August 2022
July 2022
June 2022