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SA business confidence hits a record low

Aug 04, 2015
Photo: supplied

Photo: supplied

A BankSA survey of South Australian businesses shows that a key measure has hit a record low.

The State Monitor measure relating to business expansion achieved the lowest ever result, with 84 per cent of businesses saying they were not likely to create new jobs or take on new employees in the next three months.

The survey also showed that 42 per cent of businesses were confident that the climate for doing business in SA would improve over the next 12 months – a five per cent decline since February 2015.

Fifty one per cent of small businesses felt confidence was falling across the SME sector.

The bank said the biggest impact of lower confidence was that fewer SME’s had created new jobs in the past three months and only 13 per cent plan to do so over the next three – down from 20 per cent in the previous survey in February.

Consumer confidence also fell from the previous survey.

“It’s concerning to note that in terms of lifestyle stability, we are seeing the lowest level ever reported,” said BankSA chief executive Nick Reade.

“The results show that 54 per cent of consumers say they are not confident that if they or someone in their household wanted to change jobs, that suitable work would be available.”

Confidence about job mobility was lowest among blue collar workers.

There were a few positive signs: there was a decline in concerns relating to unemployment impacting people’s immediate household, and 73 per cent of consumers said they were positive about their own household situation.

– InDaily

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