CHRONICLE COLUMN – 10 JULY 2023 – MEMBERSHIP FEES PRICE FREEZE
In March 2023, the Business Chamber Queensland’s Pulse Survey of business conditions revealed that decreased demand and a weakening economy directly attributed to inflation and interest rates resulting in a decline in business performance in the March quarter.
The May 2023, National Australia Bank Business Survey revealed that business conditions continued to ease with notable declines across the trading, profitability, and employment sub-components. They reflect that the fall in conditions now appears to be accelerating, confidence is falling, supply has eased and there will likely be a further slowing of demand.
Our members have indicated that locally they are experiencing deteriorating business conditions, performance, and sentiment across the Toowoomba region.
The feedback, like that seen in the Business Chamber Queensland and National Bank surveys outcomes has been driven by rising business costs and the negatively trending national economy.
Whilst we understand from our business community that our members business performance is currently mixed. The reality is, locally, our members are anxious about the declining economic conditions driven by rising business costs which is impacting them negatively.
We know from our members that wages and on-costs are rising, and this combined with ongoing interest rate pain has led to a falling business sentiment and a reduced optimistic outlook both locally and nationally.
Considering the feedback from members, we determined the responsible way forward was to not burden our members with additional membership fee increases this financial year.
That is right, the Toowoomba Chamber of Commerce Board has determined as part of its budget deliberations NOT to increase membership fee prices this financial year.
Why a Membership Fees Price Freeze?
Because we exist for our members and can only be successful if our members are successful. Despite the price freeze, we want to keep growing and investing in our community, and the best way we do that is through a thriving membership base.
We are acutely aware, at the Toowoomba Chamber that if business hurts, the community hurts.
And freezing membership fees this financial year, is one small tool we can use to demonstrate we are listening to the business community, understand their concerns and recognise the forces at play impacting their bottom line.
The Board remains committed to monitoring the economic conditions closely, reaching out to you to see how your business is travelling and will continue to do what we can to ensure our business community stays connected and informed. Be assured, we will continue to advocate at all levels of government to do more in reducing the cost-of-living impacts and other pressures on local businesses.
