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Victoria’s business community shows resilience in the face of continued tough trading conditions
DESPITE challenging trading conditions, business sentiment for the Australian economy improved by four percentage points during the September 2014 quarter, while the Victorian economic outlook remained relatively stable, according to a leading business survey released this week.
The latest VECCI - Bank of Melbourne survey of business trends and prospects has shed further light on business sentiment and the challenges it anticipates in the year ahead.
The state-wide survey of more than 400 businesses, across seven major industry sectors, found that trading conditions remain positive over the quarter with a number of sectors reporting an improvement in sales, with further growth forecast into December.
However, trends in profitability and employment showed little improvement over the quarter, largely due to continuing increases in wages and other labour costs.
The survey found regional respondents were more likely to have experienced increased business costs and weaker profits than their metropolitan counterparts.
Looking at the performance of individual industries, the survey found that service sector exports, in industries like finance, property and business services, were relatively healthy over the quarter.
This relatively strong performance in part reflects the influence of the falling Australian dollar and strong efforts by business to develop new products and markets in the competitive global marketplace.
“While business prospects in the lead up to Christmas are positive, the fact remains that many small businesses continue to experience tough trading conditions,” said VECCI Chief Executive Mark Stone.
"In the lead up to the state election, both major parties must commit to measures that reduce costs for business and spur employment.”
VECCI & Bank of Melbourne partnership
VECCI is pleased to partner with Bank of Melbourne. The bank supports VECCI’s quarterly survey of business trends and prospects, Business Leaders event series and Women in Business event series. The partnership builds on both VECCI’s and the Bank of Melbourne’s mutual goals in supporting businesses in Victoria.
Background – About VECCI
The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the most influential employers’ body in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.
Background – About Bank of Melbourne
Bank of Melbourne is investing in Melbourne and regional Victoria. Since re-launching in July 2011, the bank has tripled its workforce, opened 93 branches and become even more involved in the local community. The bank partners with the organisations and events that matter to Victorians. As a full-service bank, its team of lenders, account executives and industry specialists are supporting Victorian businesses, both large and small.
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