Economic data shows Ipswich confident of business boom
IPSWICH may be a Labor town, but when it comes to business confidence it's the LNP all the way.
The latest economic data for the region shows a dramatic turn-around from the March quarter - soon after the State Election - when business confidence in Queensland was at a record low.
The just released figures now reveal Ipswich small businesses are optimistic about their economic growth prospects.
The exclusive Westpac Group-CCIQ Pulse Survey of Business Conditions for the past quarter has shown many encouraging signs for the region.
CCIQ's Kate Whittle said Ipswich businesses had responded positively to the change of federal leadership with Malcolm Turnbull taking over from Tony Abbott in early September.
"Business performance for the Ipswich economy had been mixed in the past three months, but there was now plenty of optimism," she said.
"Subdued consumer spending, weaker economic activity and rising business costs had weighed on business confidence in Ipswich.
"However, continued growth in the Springfield region, with hundreds of new small businesses and development of a major shopping centre and shops is proving a significant boost."
CCIQ noted major property development in the master-planned Springfield and Ripley communities, with a major resort, new hospitals, schools and homes all being built, had been a positive. More than 750 small businesses across the state were polled.
"Confidence in the Queensland economy has moderated, but remains at a fragile level," Ms Whittle said, of the September quarter results.
"It has consolidated despite the continued resource downturn and drought weighing on business minds. State Government debt levels, rising business costs and stalled spending on infrastructure continue to feature as a concern for business.
"Businesses across the state have reported lower profitability, in part because of persistently high labour costs, greater competition and slower revenue growth.
"But they were far more optimistic about their future performance and that of Queensland as a whole."
Business performance overall was mixed with conditions rising marginally over the three-month period.
"Interestingly, businesses continue to appear more willing to seek new sources of revenue and reposition their businesses in response to changing trading conditions," Ms Whittle said.
She said the weaker Australian dollar had helped boost sales and revenue especially in the tourism and export orientated sectors.