BROOME BUSINESS CONFIDENCE ON THE RISE

Written on the 27 October 2017

The Broome Chamber of Commerce & Industry is pleased to release the results of its 2017 annual business confidence monitor showing a significant rise in sentiment toward doing business in Broome FY18.

Overall, the survey recorded one in five businesses who were less confident about this year have shifted their sentiment to the positive, with 77% of respondents feeling neutral or more optimistic about the year ahead.  Similarly, 76% of businesses surveyed had reinvested in their operations showing a consistent trend between confidence and capital investment in local businesses.

When comparing the figures to the Chamber's 2016 survey, the construction sector recording Broome's highest leap in the positive with a 33% rise in recording a higher performance from the previous financial year, and 67% jump in optimism for the year ahead.  Trades and services also recorded positive results in comparison to the previous year's survey.

Recording the lowest performance of the sectors was accommodation with five out of six businesses turning a lower business performance FY17 in comparison to the previous year and 0% feeling more optimistic about the year ahead.

An aggregate of overall tourism sector businesses recorded a 19% decline in those recording a higher operating year in FY17, yet a slight rise in optimism with fewer feeling less confident about the year ahead.

The sector recording the most positive results is business services and consulting with 50% recording a higher performance YOY and 0% feeling less confident about the year ahead.

Broome Chamber of Commerce and Industry CEO Jael Napper said, "It's wonderful to see such a great rise in the confidence of local businesses which means we're pushing in the right direction.

"Strong business confidence typically translates into business investment and growth in a low confidence cycle we expect to see a withdrawing of operations which can have a far reaching effect on the overall economy"

The survey further explored issues of red tape and local procurement, with 37% of local businesses experiencing what they believe to be unnecessary regulatory burden and 32% having lost a local tender to a business not operating in Broome.

The 2017 Broome Business Confidence Survey was conducted in August and September 2017 with a sample of 62 businesses across various sectors to reflect recommended sample size of 55 businesses or 5% of overall business population.

For further information go to www.broomechamber.com.au.