Deteriorating business confidence on the Gold Coast is the lowest in the state, Chamber of Commerce and Industry Queensland’s June quarter Pulse Survey shows.
Released today, data from the three-month period which started and ended in lockdowns shows business confidence in the Queensland economy among Gold Coast businesses for the next twelve months dipped by 5.4 points in the quarter to June, positioning the region as the lowest in the state for business confidence.
From Cape York to Coolangatta, Cloncurry to Cunnamulla, CCIQ’s quarterly Pulse Survey is the state’s most established and comprehensive survey of business confidence.
Businesses confidence declined for the first time since the COVID-19 economic crisis began in March 2020.
Gold Coast Central Chamber of Commerce President Martin Hall said businesses and consumer confidence took a hit with every snap lockdown and Gold Coast businesses were also more vulnerable to conditions interstate, especially among border communities.
Confidence levels on the Gold Coast were close to three points lower than North Queensland and close to 13 points lower than the strongest region on the Central Coast.
“Businesses are telling us they expected lockdowns to continue to be the largest impact on the economy and in their experience it can take up to 10 days for even local customer confidence to return which causes significant drains on their cash flow,” Mr Hall said.
“Businesses are financially and emotionally exhausted and this recent Pulse survey shows those on the Gold Coast are among the most concerned in their ability to re-open immediately after a lockdown and recover long-term.
“We’ve been saying all year the impact snap lockdowns has on business and consumer confidence can have implications on businesses’ ability to not only see out the duration of a lockdown, but make long-term decisions about how their business will ever return to pre-COVID levels.”