Business delivers another vote of no confidence in Labor

• Queensland business confidence dropped again last quarter under Labor
• Confidence has been at negative levels throughout the term of the Palaszczuk Labor Government
• CCIQ-Pulse Survey shows rising power prices are driving many businesses to the wall

A new survey has revealed Queensland’s small businesses are feeling pessimistic about the year ahead with confidence falling yet again last quarter.

Shadow Treasurer Scott Emerson said the latest Suncorp Group-CCIQ Pulse Survey of Business Conditions showed it was getting harder to do business in Queensland under Annastacia Palaszczuk’s Labor Government.

“There’s not much good news in this survey,” Mr Emerson said.

“Business confidence is down, and business conditions have plummeted.

“Meanwhile labour costs and operating costs, such as power, have jumped and this has significantly hurt profitability. More than half of all businesses surveyed said profitability had dropped in the last quarter.

“Sadly, the report concludes things are going to get even worse in the quarter ahead.”

Mr Emerson said it was heart-breaking to read the comments of small business owners detailed in the Pulse report.

“The LNP understands how hard it is for Queensland families to make ends meet and for businesses to stay afloat.

“Comments like ‘small business is suffering’, ‘business overheads are at an all-time high’ and ‘our business has gone backwards’ illustrate just how hard it is to do business here in Queensland,” he said.

“What’s more, businesses are being slugged with higher power bills as this Labor Government continues to use energy businesses like ATMs in a bid to prop up their failing budget.

“The price of power is now the number one issue facing Queensland small businesses and survey respondents are saying they’ll have no choice but to cut jobs and pass the costs to their customers.

“This is just the latest report to show its getting tougher and tougher to do business under Labor in Queensland.

“Queensland is leading the nation when it comes to business bankruptcies, youth unemployment is up and Queensland is Australia’s strike capital.

“Only the LNP has the positive plans to reduce costs, cut red tape and encourage small businesses to grow and employ more Queenslanders.”

Key facts:

• Confidence in the Queensland economy slumped yet again last quarter (down 2.3 points to 47.1 points).
• According to the survey, not once since the election of the Palaszczuk Labor Government has confidence been at positive levels.
  “With the index sitting below the neutral level of 50 points, Queensland’s small business community is feeling pessimistic about the year ahead.”
  “Several issues and themes were common amongst the businesses surveyed: rapidly rising operating costs, a weak pipeline of infrastructure investment and a lack of trust or faith in politicians to implement good policy, particularly in the lead up to a state election.”
• Business conditions also plummeted last quarter, falling almost eight percentage points. Worryingly, the small business community is expecting a further deterioration in conditions for the coming quarter.Profitability has dropped almost 10 points to 40.0 points. More than half of all businesses surveyed said profitability had dropped last quarter.Operating costs have jumped significantly:
  “Almost 80 per cent of businesses reported increased costs during the past quarter. Throughout the survey, businesses cited rising costs for electricity and utilities as the biggest operating issues they faced”.
• Energy costs are listed as the major constraint on business growth, followed by economic and political stability.
• State taxes are listed as the fifth highest constraint on business growth.
• Notably, the survey shows it’s harder to do business in regional Queensland which recorded lower profitability and business conditions.