Small business confidence soars in NSW

Media release | 25 October 2017

Small and medium sized businesses in NSW are more confident about a growing state economy than at any point in the last four years, according to the new Sensis business Index.

Deputy Premier and Minister for Small Business John Barilaro said the latest report showed a big shift in confidence this quarter, with confidence in Sydney up 20 points to +48, while regional businesses in NSW remain the most confident in the country.

“These fantastic results show there’s never been a better time to be in business or to start a business in metropolitan, regional or rural NSW,” Mr Barilaro said.

“Our economy is the strongest in the nation, our budget is in the black and our businesses are rightly feeling confident about that.

Just last week we announced the GO NSW Equity Fund, which will see the NSW Government, together with First State Super, take an equity stake in some of the state’s high-growth businesses by investing a combined $100 million.

“Over the last six months we’ve launched the Sydney Start-Up Hub and the Sydney School of Entrepreneurship – two initiatives dedicated to driving new ideas and keeping our best and brightest business minds here.

“Our Easy to Do Business initiative is slashing the time it takes to set up a cafĂ©, restaurant or small bar, by reducing the 30 phone numbers and 48 paper forms normally used to get started to just one phone number and one online form.

“We’ve also committed $30 million to our Business Connect small business advisory services over four years,” he said.

NSW Treasurer Dominic Perrottet said the NSW Government is committed to creating the conditions in which small and medium businesses can thrive.

“The latest Sensis index of 1000 businesses shows business confidence in NSW was up four points to +50, which is four points above the national average,” Mr Perrottet said.

“This is just the latest in a long list of economic data showing NSW’s strong economic performance. The recent Commsec report also showed NSW was the best performing state in Australia across a range of key indicators.”

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