The Minns Labor Government’s own Small Business Commissioner has delivered a damning verdict on the state of small business in NSW, with the June Momentum Survey showing confidence spiralling, momentum falling, and profitability expectations collapsing.
Headline NSW small business figures show:
- Just six per cent of businesses expect profitability to increase, compared with 63 per cent who expect a decline.
- Nine per cent of responders are confident in their local economy.
- 25 per cent of businesses are extremely worried about their prospects.
- 72 per cent of owners are worried about the mental health of staff.
- 76 per cent of businesses are concerned about red tape.
- 77 per cent of operators are concerned about electricity price changes.
- 79 per cent of businesses are worried about cash flow; and,
- 89 per cent are worried about the cost of business inputs.
Nationals Leader and Shadow Minister for Small Business Gurmesh Singh said the survey results confirm what business owners across NSW have been telling us for months, and reflect the second lowest monthly confidence on record.
“This is the Minns Labor Government’s own agency telling them that for every small business expecting to make more money, ten expect to go backwards. You can’t get a clearer warning than that,” Mr Singh said.
“Businesses want to invest, hire more people, and grow their local economy, but Labor is drowning them in red tape and making it harder for them to get ahead.
“When businesses are leaving the state in record numbers, that’s not just a statistic, it’s a warning that NSW needs reforms and businesses need us to back them.”
