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Warrnambool CBD

Business confidence grows

News Article Date: 
Tuesday, 15 August 2017

Business confidence in Warrnambool is on the rise, according to the results of the 2017 Warrnambool Business Trends Survey.

The findings were released today at the Great South Coast Small Business Festival event, State of the City: An Economic Perspective.

71 per cent of respondents indicated they had medium to very high confidence in Warrnambool’s business environment, compared to 60 per cent in 2015. This is the highest level of business confidence recorded since 2012.

Warrnambool City Council Director City Growth Andrew Paton said that the overall results were encouraging.

“It was very positive to see that business confidence in the city is increasing,” he said.

“Warrnambool is home to a strong and diverse business sector.

“Many businesses owners have suggested that they intend to expand their operations, with one third suggesting that they are likely or very likely to invest in their business over the next year, the highest proportion the survey has ever recorded.

“I would like to thank all business owners and operators who took the time to complete the survey.”

56 percent of respondents believe their business is faring good or excellent compared to similar businesses in other regional Victorian cities, up 8 percent from 2015.

Similarly, fewer respondents said their business compared fair or poor to similar businesses – 12 per cent in 2017 compared to 19 percent in 2015.

43 per cent of Warrnambool businesses who also trade outside of the city reported that their business exports increased over the past 12 months while only 8 per cent said they decreased.

The survey had 269 respondents from industry sectors including retail, hospitality, professional, manufacturing, education, government and trade services.

The survey has been held annually since 2011, except for a hiatus in 2016.

The Warrnambool Business Trends Survey is supported by the Warrnambool City Council, South West Credit, The Standard, 3YB/COAST FM and Deakin University Warrnambool.

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