One of the key roles the Chamber plays in supporting its member organisations is in pushing for better operating conditions for business.
To understand the challenges and needs of the business community, the Chamber regularly engages with members across a number of forums as well as gaining feedback from some important surveys.
September is when the NSW Business Chamber and the Hunter Business Chamber traditionally collect data for the third Business Conditions Survey of the year. The survey provides an honest and comprehensive analysis of economic trends, opportunities and challenges for businesses.
The last analysis painted a positive picture for local business with almost 50 per cent of organisations expecting the performance of the state economy to improve and less than 18 per cent of members expecting profits to decline.
More than half of the businesses surveyed said they initiated major capital spending between April and June and 5 per cent hired new staff in the period.
I urge all businesses to complete the current Business Conditions Survey which closes on 30 September. Visit the Chamber website for a link to the survey.
From the NSW Business Chamber’s recent annual Red Tape Survey of almost 1000 businesses across the state, it is estimated that NSW organisations are weighed down by around $10 billion in compliance costs each year, with the annual cost of complying with regulatory requirements at $58,000 for the average respondent.
Using these results, the Chamber will push for a stronger commitment to regulatory reform and urge government to re-examine its approach to reducing the burden of red tape.
The information gathered is instrumental in identifying key issues and ensures we are working to provide the support that business needs.