CCIWA’s specialist economics team provides your business with in-depth market intelligence that is relevant to the West Australian economy.
For any inquiries, please contact Economics@cciwa.com
For any inquiries, please contact Economics@cciwa.com
CCIWA Senior Economist Sam Collins gives an informative rundown of the latest economic news impacting your business.
In this edition, Sam highlights:
In this edition, Sam highlights:
In this edition, Sam highlights:
In this edition, Sam highlights:
In this edition, Sam highlights:
The CCIWA Business Confidence Survey is the longest running and most comprehensive business survey in WA. Produced quarterly it covers businesses of all sizes and sectors across the state and includes:
Western Australian business confidence has continued its downward march over the June quarter, with long-term confidence hovering just above pandemic lows. CCIWA’s Labour Cost Index for the upcoming quarter increased to its highest ever, soaring up by 5.5 percentage points since last quarter.
The soaring cost of doing business dominates again as the main drag to business confidence, with four in five (79%) businesses indicating this as a barrier over the next 12 months – up 4 percentage points since last quarter. Skilled labour shortages also continue to dampen confidence, with 75 per cent of businesses indicating they are struggling to hire a worker.
To manage labour shortages, businesses continue to offer larger pay packages to attract and retain their workforce – with businesses increasing or planning to increase their base wages by an average of 11 per cent.
In addition to these factors, WA businesses are increasingly grappling with weak consumer demand as a result of persistent cash rate hikes and inflationary pressures – with a further 9 per cent of WA businesses reporting this as a barrier to growth this quarter, up to a total of 26 per cent. This is the first sign of the coming slowdown in local retail and hospitality markets.
CCIWA members (Complete tier and above) can download the latest business confidence report here. If you’re interested in becoming a member, please view our range of Membership Packages that have been created to connect you to the resources and people you need to be successful.
If you’re interested in upgrading your membership, please reach out to our membership team on membership@cciwa.com or 1300 422 492.
All Membership Packages include unlimited Business Toolbox access.
Already a member? Login
The first of its kind in the State, the CCIWA Consumer Confidence survey provides invaluable insights into the attitudes and sentiments of Western Australian consumers.
Analysis includes:
Western Australian consumer confidence slipped over the three months to September, as cost of living pressures and global uncertainty continue to weigh on confidence. This is in line with the rest of the country, as the Westpac-Melbourne Institute Consumer Sentiment index also trended downwards over the three months to September.
Although inflation is declining, it remains well above target – exerting relentless pressure on household budgets. As such, the high cost of living is once again the primary factor denting consumer sentiment, with 76% of Western Australians indicating high-cost pressures have diminished their confidence. Additionally, more than three in five (64%) Western Australians considered interest rates to have negatively impacted their confidence, as the cash rate was held at decade highs.
CCIWA members (Complete tier and above) can download the latest consumer confidence report here. If you’re interested in becoming a member, please view our range of Membership Packages that have been created to connect you to the resources and people you need to be successful.
If you’re interested in upgrading your membership, please reach out to our membership team on membership@cciwa.com or 1300 422 492.
All Membership Packages include unlimited Business Toolbox access.
Already a member? Login
Outlook is a biannual CCIWA publication that provides expert forward-looking economic analysis. It contains:
Produced by our well-informed and market-conscious economics team, Outlook makes sure you stay ahead of the current and expected changes in economic conditions.
For further information, please contact Economics@cciwa.com
The global economy appears on track for a soft landing following the rapid increase in interest rates, although China is now emerging as a key watch point for WA’s economy, with many now questioning whether the Chinese economic miracle is over. Global interest rates have shot to their highest level in more than a decade as central banks continue to combat skyrocketing prices. In Australia, the Reserve Bank has raised the cash rate by 4 percentage points in 18 months, while policy rates overseas have been hiked even further. There is evidence that these efforts are now working, as the economy starts to cool. National retail trade volumes have fallen year-on-year for the first time since September 2021, household consumption has remained relatively flat over the first half of 2023 and the number of job vacancies have fallen for four consecutive quarters.
In this edition of Outlook, we unpack the key forces underpinning WA’s recent economic performance and outline how the economy could evolve in the months and years ahead
CCIWA members (Complete tier and above) can download the latest outlook report here. If you’re interested in becoming a member, please view our range of Membership Packages that have been created to connect you to the resources and people you need to be successful.
If you’re interested in upgrading your membership, please reach out to our membership team on membership@cciwa.com or 1300 422 492.
All Membership Packages include unlimited Business Toolbox access.
Already a member? Login
Western Australia’s regions are the engine room of the WA economy, supporting a range of key export industries, including resources, agriculture and tourism.
Regional Pulse breaks down key results from the CCIWA Business Confidence Survey, providing insights into the conditions facing businesses in WA’s regional centres. The report contains:
On average, regional businesses are less optimistic than metro businesses in the short term but have similar levels of optimism over the longer term.
Only one quarter (24%) of regional businesses expect stronger conditions over the next three months – nine percentage points less than metro businesses (33%).
Looking to the next twelve months, around one in six (16%) regional businesses expect stronger conditions, 2 percentage points higher than metro area (14%).
Produced quarterly, our inflation update provides charts and tables on consumer price trends in Perth and all the capital cities.
From global to local, everything your business needs to know to plan for the future
The global business environment has experienced remarkable change over the past 24 months.
In this comprehensive WA-specific business strategy report, CCIWA’s expert economists outline – in simple language – how key global economic trends could shape local business performance and identify practical and relevant strategic opportunities to ensure your business stays ahead of the curve.
This report contains:
Armed with the latest market intelligence, you will be better positioned to make informed strategic planning decisions and set your business up for success.
Strategy 2023 is FREE for CCIWA Corporate and Advantage Members. Please log-in to access your complimentary copy.
To upgrade your membership to Advantage or Corporate, please click here.