Headwinds for business in our region

PRINT and digital media are awash with the pre – Federal Government Budget talk. Talk of the challenges of delivering a budget in an environment of increasing interest rates, ongoing inflationary pressures argued to be a result of the consequences of Covid-19, increased demand and the war in Ukraine and talks by the International Monetary Federation of a global recession.

That said, the Australian Bureau of Statistic data of GDP reported growth in the last quarter of 0.9 per cent and 3.6 per cent for the year.

But many are wary that this growth is not sustainable in the medium or longer term, with a recent National Bank of Australia survey of CEOs anticipating a downturn in the next 12 months.

Are you preparing for a downturn?

Inflation pressures and skills shortages are commonly identified as two key areas which the Federal Government needs to attack in the upcoming budget.

The Australian Bureau of Statistics has identified that CPI has risen a total of 6.1% over the past 12 months because of factors such as freight costs, continued strong demand and ongoing supply constraints.

These pressures resulting in soaring grocery bills, construction costs and fuel prices.

The ongoing skills shortage continues to burden business growth. The Australian Financial Review reported an estimated 31 per cent of businesses were unable to find suitable employees.

The reasons outlined include the lack of immigration, burnout, shortages of necessary and required skills and competition attracting talent.

They argue that the inability to find workers is not sector-specific, with the shortage affecting every industry.

Locally, these factors are applying direct pressure on the business community and the community in general.

And in an environment with a large pipeline of development, the Federal Government budget response to these challenges is seen as critical to ensure a thriving business community.

That said, do you think the Toowoomba economy is robust and strong enough to combat these growing pressures and impacts?

What would you like to see the Federal Government Budget address?

On October 27, director of the RSM Business Advisory Division, Will Laird, will take a detailed look into the first Albanese government budget, economic headwinds, and opportunities and how this is likely to impact small business in the Toowoomba region.

Grab your tickets from our website www.toowoombahamber.com.au to hear what Will and panellist Deputy Mayor Geoff McDonald and Chief Executive Officer Ali Davenport of the Toowoomba and Surat Basin Enterprise think of the budget.