U.S. Business Survey Shows Confidence in Australia’s Business Prospects
Wednesday 12 February 2020
A recent survey conducted by AmCham Australia, in cooperation with the U.S. Chamber of Commerce, showed that businesses operating in Australia feel relatively optimistic about growth prospects and expect the market environment to improve or remain about the same.
Over a quarter of the respondents are in professional services along with a sizeable amount in technology, healthcare, and manufacturing. Although Australia is located in the Asia Pacific region, the U.S. – China trade war seems to be having little to no impact on the Australian market, but there are a number of risks and challenges that respondents have identified that may affect their businesses. Respondents cite expenses, particularly in taxes and wages, as the great risks. Other issues include trade policy, attracting talent, climate change, and the regulatory environment.
||3/4 of respondents expect sales to increase and half of them foresee growth in their operations:
||Biggest risks in the Australian market as ranked by respondents (with 1 being the greatest risk):
According to roughly half of the survey respondents, the US-China trade war is having neither a positive nor a negative impact on their Australian operations:
||3/4 of respondents believe the investment environment will improve or remain the same:
||Based on a free response, the biggest challenges to respondents include:
- Attracting talent/skilled workers
- High costs of doing business (wages, taxation, etc.)
- Increasing competition, subpar economic conditions, lack of investment
- Regulatory environment
- Climate change
For more information, please contact Amie O’Mahony