Business NSW

We wish everyone Merry Christmas, safe and happy holidays.

Rising wages have surpassed energy costs as the leading pressure for NSW businesses, alongside insurance premiums and taxes. Despite government energy subsidies easing price hikes, 8 in 10 businesses don’t expect lower energy costs within two years. The latest Business Conditions Survey reveals weak customer demand, delayed invoice payments, and hiring challenges—but there’s optimism. The Business Confidence Index has rebounded, reflecting resilience. Business NSW urges government reforms to ease financial burdens and support small businesses. Read the report now.https://ow.ly/AlqC50UtTAF

Older Australians hold the keys to our future prosperity amid a chronic worker shortage. This week I spoke to Emily Kowal at The Sunday Telegraph about Business NSW’s State of Skills 2024 report, which is calling for an easing of restrictions for over-60s who are looking to re-enter the workforce. More than three in four (77%) of employers are struggling to recruit the staff they need, with nearly 40% expecting negative impacts on their business if the situation persists. Business NSW is calling for an increase in the Federal Government's Work Bonus program limits to help address the skills shortage in the short to medium term. Read the full story here: https://lnkd.in/gvVu7rJM Read our State of Skills report here: https://lnkd.in/gEDbSvBH

What are business expert Victoria Beattie’s three biggest hacks for small and medium businesses that want to grow? In a webinar exclusive for Business NSW members, Victoria unpacks the key elements to SME success and what is hindering their growth. The Banksia founder’s full webinar is available from our website here: https://ow.ly/QQvs50UpE6n

A lively discussion this morning convened by the incisive David Harding at the launch of the Business NSW 2024 State of the Skills survey with fellow panelists Steve Whan MP and Nigel Palmer. First, I urge everyone to read this report. It captures very useful insights around the drivers of skills gaps that are experienced globally, not just in NSW. It’s clear that while businesses are bringing their usual resourcefulness to the problem, more needs to be done to secure a capable and vibrant workforce that can deliver the safe, equitable, functional, and prosperous world we all want to live in. Small and medium businesses are feeling the pinch in an outsized way, particularly in regional and remote areas. I grew up in a small business family and I know first hand the exhaustion that comes from wearing “all the hats” required to keep afloat and ahead. In an acute skills shortage this is amplified. We all play a role in helping the lifeblood of our economy flourish — relevant education and alternative pathways to prepare future workforces, illuminating career pathways that are not always intuitive to understand, incentives and support to drive innovation, reskilling and upskilling to create new capabilities, applied and accessible technology solutions to help scale and compete, and broad and equal access to participate. The good news is that we’re coming together to tackle the gaps — working across government, education, industry, and peak bodies —because this is a multifaceted and shared problem. Just this week I have attended three events with many of the same dedicated people who are focussed on actions to close these gaps. And I meet new collaborators at every event eager to connect and drive change. This community has #momentum. In the tech skills space we’re seeing some green shoots! 🌱The alternative pathways pledge signed this week by 22 organizations under the NSW Digital Skills and Workforce Compact is an Australian-first (likely world first). 🌱 The Institute of Applied Technology - Digital has reached over 180,000 enrolments signaling strong demand for digital skills developed under a highly collaborative model. In the past week 38,000 small and medium business owners have enrolled in microskills courses across AI, Cyber, Data. It seems fitting at the close of the year (and on my birthday!) to reflect on how far this community has come and how much further we have to go. What we do next with this momentum is key. In 2026, I’m looking forward to working collaboratively and imaginatively with the community to turn the corner. The evidence is in. The reports are in hand. The seeds are planted. It’s time! Dan Macias Daniel Hunter Jane Artup Anatoli Kovalev Helen Fremlin Mustafa Agha Judith Field Matt Crocker Luke Mellare Prabhu Sivabalan Sumith. A. Ryan Black Chitra Andy Rajan Tim Allen Adam P. Steven Worrall Sally Browner Ronald Jackson

Our latest Business Conditions Survey reveals a big shift in what’s keeping businesses up at night: wages have now overtaken energy as a top cost concern. Rising wages, along with soaring insurance premiums and taxes, are really putting the squeeze on profitability—especially for businesses in regional areas struggling with skills shortages. I spoke to The Daily Telegraph today about the survey results and what they mean for businesses in NSW. Here’s what we’re seeing: ◾ 80% of employers are struggling to fill positions ◾ 38% are facing more price haggling from customers ◾ 39% are dealing with payment delays ◾ 61% are seeing fewer customer purchases, and ◾ 58% of businesses are running below full capacity. So, what needs to happen? First, we must reform insurance premiums to lighten the load on small businesses. We need to tackle inflation and ensure public sector wage increases are tied to productivity. We also need to streamline overseas qualification recognition to ease labour shortages and ensure invoices are paid on time to keep cash flowing. The good news? Business confidence is improving, with the Business Confidence Index rising from -67.8 in September to -54.0 in December. There's hope, but government action is essential to help small businesses weather these challenges and thrive. Read the Daily Telegraph article here: https://shorturl.at/E1XjY #BusinessNSW #SmallBusiness #BusinessConfidence #LabourShortages 

Enhance your leadership capabilities with the Chief Maker MiniMBA, a 12-week virtual, coach-led program designed to deliver measurable results. This program provides leaders with strategic frameworks and practical methodologies to: • Focus on business growth, not just day-to-day operations • Strengthen organisational culture and bring values to life • Achieve immediate, tangible outcomes for your business With a hands-on, real-world approach, participants apply strategies weekly to drive meaningful change. Commences 18 February 2025. Places are limited. Exclusive discounts are available for Business NSW members. Download the Course Guide https://lnkd.in/gQHhXJcE