CHRONICLE COLUMN 19 JULY 2024 TOOWOOMBA BUSINESS SENTIMENT INDEX
We are at it again. Building a suite of research to assist in creating evidence-based advocacy tools to stand up for the business community.
Over the last two years, thanks to our collaboration with the Toowoomba and Surat Basin
Enterprise, we have secured internationally acclaimed and Australia’s leading social demographer and commentator Mark McCrindle to deliver our very own Toowoomba Business Sentiment Index.
What will the Toowoomba 2024 Business Sentiment Index tell us?
The 2022, findings articulated a robust and dedicated business community, with over two thirds of owners and operators, taking the view, that we have great potential, now and into the future. Significantly, it was very clear our connection, support, collaboration, and working with each other was a major strength and a critical part of our regional competitive advantage. Do you see this in our community today?
In 2023, with population growth exceeding expectations, the business community continued to be buoyed by the boundless opportunities for the city built on the back of Toowoomba’s regional attractiveness, family friendliness, and sense of community. Are our opportunities still around? Whilst we are the land of opportunity, the research showed, that business sentiment had fallen over the same period. Why? Because of cost of living. Cash flow, and wages pressures, insurance, and a lack of aligned between skills and migration. Red tape and compliance costs remained local business number 1 challenge, followed by a lack of local, state, and national infrastructure investment and delivery, stifling investment and opportunity for Toowoomba and the region.
Well, Mark is back. What will the 2024 research tell us?
Have regulatory settings improved, to enhance productivity? Has infrastructure been delivered to ensure the community’s long-term wellbeing? What has been the cause of net negative business growth? How do we compare to the rest of Queensland? Are we regional or part of southeast Queensland?
At the recent local government election, we advocated for many of the findings of the research in 2022 and 2023. We will continue to put a blow torch on these issues and seek a local government policy response.
With the upcoming state elections, the research will provide further evidence of how we feel and what the local business community needs at the state government level. It will create the advocacy platform to stand up for local business on state matters.
However, there is one thing we know for sure from the existing research, and that is, WE DESERVE BETTER, from all levels of government. Will the latest research change that view?
Do you think we deserve better? Want to know more?
Come and hear the findings for yourself on 15 August 2024 by grabbing a table or a ticket here.
