August 9, 2010Over two thirds of Australian small business owners believe their operations are still in as much danger as they were in the middle of the GFC, according to a new survey.
The latest
Bank Of Queensland (BOQ) Straight Talk Survey shows Queensland was the worst impacted state with 66 percent of respondents believing their business was no better off post-GFC.
New South Wales was the next most effected state with 52 percent followed by Victoria with 44 percent believing their business was not back to pre GFC levels as yet.
BOQ Group Executive Banking David Marshall says the survey has found small businesses do not see themselves as ‘out of the woods’ just yet.
“Despite the introduction of stimulus measures and a general sense that the economy is improving, the small business community doesn’t feel like they’ve turned the corner just yet,” he says.
The results of the Straight Talk Survey echo the results of the bi-annual Regus BusinessTracker survey, which showed large businesses were 40 percent more bullish than the global average about the recovery taking place in the first half of 2010.
This was in stark contrast to their small business counterparts.
Despite this result small business were still overwhelmingly positive about their future outlook.
“The good news is that overall, small business owners feel optimistic about their future (84 percent), with only 16 percent saying they do not feel positive about what lies ahead,” Marshall says.
“This very encouraging result indicates that many small businesses believe that although the recovery is as yet incomplete, it will continue to improve,” he says.
RESOURCE INDUSTRY PULLS THROUGHThe survey also found the majority of small business owners believe the resource industry was primarily responsible for Australia not falling in to recession.
“Sixty percent of small business owners named the resources sector as being the primary reason Australia was kept from recession,” Marshall says.
“The strength of the banking sector was next (48 percent), followed by government stimulus packages (29 percent),” he says.
“Despite believing that the resources industry kept Australia out of recession, many comments in the survey echoed the sentiment that for improvement to continue good economic management at the Federal level will be critical.
“Regardless of the result of the upcoming Federal Election small businesses will take a keen interest in fiscal policies to ensure that positive signs can continue.”
The BOQ Straight Talk Survey was sent to hundreds of the Bank’s small business clients across the country.
It is a regular nation-wide survey which canvasses the views and experiences of small business owners.