Border re-opening economic potential not realised in the long-term for Gold Coast businesses

Gold Coast businesses made the most of the frontline of state border re-opening, recording an increase in sales and revenue and general businesses conditions in the December quarter, despite low confidence in future conditions.

Gold Coast businesses made the most of the frontline of state border re-opening, recording an increase in sales and revenue and general businesses conditions in the December quarter, despite low confidence in future conditions.

Latest results from Chamber of Commerce and Industry Queensland (CCIQ) December quarter Pulse Report shows profitability, general businesses conditions and sales and revenue were all above the state average.

Businesses on the Gold Coast however also paid among the highest labour costs in the December quarter, close to four points higher than the 65.8 point average. Operational costs, employment costs and capital expenditure were on par with the rest of the state.

Southport Chamber of Commerce President Ariana Margetts said while local businesses had made the most of state borders re-opening in December, the predicted economic impact fell flat with confidence in the state and national economies falling up to 11 points.

“On the Gold Coast we’re among the least confident in the state in the outlook of the national economy especially, which could be contributed to on-going business uncertainty,” Ms Margetts said.

“There was some confidence when Queensland borders re-opened businesses on the Gold Coast would see some uplift as a result but we struggled to realise the full potential.

“COVID in the workplace and ongoing disruptions to supply chains and the labour market mean many Gold Coast businesses aren’t banking on the future confidence to recover their losses over the past two years.

“While there was an increase in sales, revenue and general business conditions in the December quarter, the indexes are still only satisfactory results as we come off a weak September quarter prior to border re-opening.”

CCIQ Policy and Advocacy General Manager Amanda Rohan said businesses were calling on the State Government consistently throughout 2021 to provide clear reopening and economic recovery planning as uncertainty would ultimately end up costing Queensland businesses.

“We called for access to Rapid Antigen Testing to be freely and widely available for business, a joint state and federal directly-targeted support package for businesses most impacted and clarity on what the state’s 90% vaccination milestone meant for business rules and mandates,” Ms Rohan said.

“Businesses told us without those commitments, they would struggle to re-open, stay open and be viable long-term.

“Now we’re seeing the impact with the majority of Queensland businesses increasingly concerned about their business viability in the future.”

 

 

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