CHRONICLE COLUMN – Business Conditions– 13 April 2025
Recently Australian Industry Group (Ai Group) indicated that many businesses are more subdued about the year ahead, than confident.
Ongoing inflationary impacts, domestic uncertainty and international turbulence fuelled by elections and American policy, combined with the ongoing struggle to secure a stable workforce have left businesses pondering about the year ahead. In essence, business is feeling flat and trepidatious.
It is not uncommon, for the local, state and federal elections to make business wary of what is next. The upcoming Federal Government election can drive anxiety around the future impact of government monetary policy on economic growth, regulation burden and administration compliance such as ongoing industrial relation changes, and the like which have a direct impact on small business survival.
Do you have any concerns about federal government policy in 2025?
Internationally, the uncertainty is pulpable, with American economic policy considered by many the instigator. You just need to catch the news in print or via your preferred social media channels to be abreast of current American economic ideologies, if you can call them that.
As articulated by Noland, current American economic policy in focused on protectionist policies. Noland identifies this is based on the importance of trade balances, including bilateral trade balances, currency manipulation to gain unfair advantage in trade, and “disastrous” trade agreements. The Economic Society of Australia argue, current American economic policy will impact on future Australian economic growth.
Have you been impacted by international economic policy?
Ai Group survey found that these factors and others have resulting in businesses reshaping their investments, reverting to the basics, looking for efficiencies, seeking technology opportunities to maintain or improve productivity and planning for shorter timeframes.
How are you adjusting your business model to response to current challenges business face?
Is there anything the Toowoomba Chamber can do to advocate for you, or connect with you or provide education on the current business challenges? What are thoughts? Email admin@toowoombachamber.com.au
