As we get around Queensland, it’s clear that many of you are feeling the strain of rising costs and changing consumer habits. With low levels of spending, high inflation, and increasing interest rates, the current operating conditions can feel overwhelming.
Recent data from Creditor Watch reveals a concerning trend: the average rate of business failure in Australia has climbed to an average of 4.95%—a 17.3% increase since January. The Food and Beverage sector is particularly hard hit, with a failure rate of 8.2% in August. Areas like Western Sydney and South-East Queensland are expected to see the highest rates of failure in the coming year, while regions like inner Adelaide, North Queensland, and parts of regional Victoria are showing more resilience.
This serves as a crucial reminder for all small business owners: it is vital to keep a close eye on your financial health! If you find yourself feeling unsure about your numbers or navigating a tough situation, don’t hesitate to reach out for help. We’re here to support you, no matter where you are or what industry you’re in!
We’ve heard your concerns loud and clear—issues like rising energy and insurance costs, labour shortfalls, and freight charges are affecting many. While there’s not a one-size-fits-all solution, there are resources and supports available to help ease some of this pressure. If you have a story about your experiences with insurance, we’d love to hear from you and include your voice in our advocacy efforts.
This month, we’ve noticed a significant uptick in calls to our assistance line—about a 54% increase, primarily related to business-to-business debt claims. Remember, cash flow is king for small businesses so ensuring you are proactive in chasing payments can make a big difference. If you want to know more about letters of demand or other steps to ensure timely payments, check out these resources.
On our travels this month, we visited local governments and small business owners in Boulia, Mt Isa, Cloncurry, Richmond, Julia Creek, and Hughenden. We heard about the exciting opportunities presented by copper string 2032, as well as the ongoing challenges related to energy access, connectivity, freight costs and labour. We were also thrilled to participate in the Western Alliance of Councils meeting in Mt Isa, where local leaders discussed initiatives aimed at supporting small businesses, such as improvements in water management, procurement, and insurance. After this, we were honoured to attend the launch of the Kingaroy Chamber of Commerce’s supplier capability catalogue aimed at enhancing opportunities for local businesses to participate in major projects —another great way to highlight local businesses!
Do explore what your local government is offering! Many councils provide free support, information, and even grants to help businesses thrive. For instance, Brisbane City Council just launched its next round of Women in Business grants, and the Sunshine Coast has introduced the “Level Up” initiative, designed to help you learn, connect, and grow.
Remember, we’re here to listen, understand, and assist. No issue is too big or too small—your business is our priority, and together, we can navigate these challenges.
Take care, and we look forward to hearing from you!
Upcoming activities:
- 9 October – Thomas Pollock Workshop
- 10-11 October – Bundaberg Regional Visit
- 17 October – The Mayor’s Gold Coast Business Week Breakfast
- 15-16 October – Rockhampton Livingstone Regional Visit
- 21-23 October – LGAQ Conference
Connect with us
If you are new to our newsletter or want to learn more about our services, resources, initiatives, and projects, visit the QSBC website. If you need more information, call us on 1300 312 344 or submit an enquiry.
Main photo: Dominique Lamb, Queensland Small Business Commissioner.
Dominique Lamb
Queensland Small Business Commissioner
For more details, read the QSBC newsletter September 2024