Townsville Business Confidence Continues to Fly High

The PVW Partners June 2021 Quarter Business Confidence Survey has recorded another strong result, with the index remaining above 12 and business confidence across the Townsville region at near-record highs.

PVW Partners Managing Partner Carl Valentine said that the strong results over two consecutive quarters were a good indication of a genuine upward economic trend for the region.   

“These results are extremely encouraging, and the majority of Townsville businesses seem to have shrugged off the end of the JobKeeper program by demonstrating a very positive outlook about the future,” Mr. Valentine said.

“About half of the respondents expected there to be some adverse effects on our regional economy during the next quarter due to the end of JobKeeper, however, this has not resulted in a decline in business confidence.

“We know there are businesses still suffering due to COVID-19 related economic and operational restrictions, including the absence of international tourism for what could be the foreseeable future, continuing uncertainty around domestic border closures dampening domestic tourism and the lack of a well-understood framework for dealing with future COVID-19 outbreaks in Queensland.  However, for the most part, our respondents are looking to the future with a sustained sense of optimism.

“94 per cent of respondents indicated that they will remain at their current employment level or will look to expand their teams within the next three months.

“This is great news for those looking to get back to work or for sea changers moving to Townsville from the southern states.

“Overall, respondents are anticipating increases across consumer demand and sales and are planning to increase expenditure on promotional and advertising activity.

“Although this survey was carried out before the COVID lockdown in Brisbane and the introduction of restrictions across Queensland prior to Easter, it is reassuring to see North Queensland businesses remaining confident as life in Townsville returns to normality.

“Another real positive from the survey was the number of businesses planning to lift capital expenditure, with about one third looking to increase investment during the next quarter. 

 “There’s no doubt that some Townsville businesses have been to hell and back over the past 12 months, however they are showing the resilience and confidence which is typical of us North Queenslanders.”

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