CCIWA’s latest economic snapshot shows ongoing border closures, weak demand and the upcoming expiry of JobKeeper are weighing down longer-term business confidence.
According to the WA Super – CCIWA Business Confidence Survey, WA businesses’ longer-term outlook has grown more pessimistic, with two out of three expecting worse conditions in the year ahead, up 5 percentage points since last quarter.
WA’s earlier-than-expected easing of restraints and success in containing community spread helped increase short-term confidence by 10 points since last quarter.
After confidence plummeted during the worst of the shutdown, WA businesses recovered around 60 per cent of the fall.
But the majority of WA businesses (52 per cent) still expect economic conditions to worsen for the next three months, with 48 per cent expecting conditions to improve or remain the same.
Three in five businesses report they are suffering under interstate border closures.
One-third of WA businesses indicate they are not confident they can survive without JobKeeper in the current economic circumstances.
Labour-intensive industries are most concerned, with half of the businesses surveyed in retail and accommodation and food services like cafes and restaurants ‘not confident’ they could continue.
Read the full WA Super – CCIWA Business Confidence Survey report.
Read our media statement.