[adning id=”12070″]

[adning id=”12070″]

Two steps back: businesses hit by hiring slowdown and profitability dip

This month saw a steep drop in businesses that are looking to hire additional staff, decreasing from 52 per cent in October to 35 per cent in November.

Expectations around profitability and revenue have also declined with only 9 per cent of businesses expecting profitability to increase, and 15 per cent of businesses expecting revenue to increase over the next three months. This is down from 14 per cent and 20 per cent respectively.

This coincides with the RBA’s decision to lift interest rates to a 12-year high of 4.35 per cent in November. Business conditions remain challenging with concerns around input costs remaining the number one issue for a twentieth consecutive month, with 81 per cent expressing concern.

The next highest concerns were predicted retail electricity and gas price increases, followed by cashflow and availability of working capital.

Although business confidence only decreased by one percentage point this month to 30 per cent, there is still a significantly higher number of businesses worried (44 per cent) about their individual business prospects than those that are confident.

Facebook
Twitter
LinkedIn
Email
Print

Leave a Reply

Your email address will not be published. Required fields are marked *

SUBSCRIBE FREE
SME NEWS BRIEFS

Get breaking news delivered
This field is for validation purposes and should be left unchanged.

RECEIVE GOVT GRANT OF $10K to $250K*.

Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?