September quarter Pulse Report shows consistently high operating and labour costs resulted in weak profitability, however, businesses reported on-average operating levels had returned to pre-COVID levels for the first time since March 2020.
Key facts from the report:
- General business conditions improved in the September quarter as a consequence of better sales with the index above this time last year and the ten year average.
- Total sales and revenue in the September quarter improved and is expected to continue improving in the December quarter.
- More than half (52%) of businesses indicated their profitability fell during the quarter.
- More than half (56%) of businesses indicated their employment levels did not change in the September quarter, with levels overall satisfactory, representing a stagnate labour force.
- Businesses indicated a continuing strengthening in investment with capital expenditure levels satisfactory, however one in four businesses expect to decrease investment in the December quarter.
- Operating costs in the September quarter continued to significantly rise, with further increases expected in the next three months.
- Close to seven in 10 (69%) businesses increased their labour costs in the September quarter
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SEP 22-FNQ-Pulse-Survey SEP 22-QLD-Pulse-Survey
