Almost half of the 633 firms in The Australian Financial Review/Freshwater Strategy business survey expect a recession - and they say the government needs to reduce red tape and taxes.
Close to half of all businesses believe a recession looms with entrenched pessimism weighing heavily on small business owners and companies in the troubled manufacturing and construction industries.Freshwater Strategy business survey say the Albanese government should prioritise reducing taxes and red tape, with one in five saying their biggest concern is uncertainty stemming from government decisions.
The most rapid interest rate tightening cycle in a generation has damaged Reserve Bank governor Philip Lowe’s standing with the business community, with 53 per cent of companies wanting Treasurer Jim Chalmers to appoint someone else to lead the central bank. Despite expectations for a recession, more businesses expect to hire additional employees than cutting their headcount over the next six months.While professional forecasters do not expect growth to slow or contract, about 61 per cent of small businesses expect a recession in the next 12 months, compared with 22 per cent who thought otherwise.. Thirty-eight per cent of large businesses believe there will be a recession in the next 12 months, while 47 per cent thought otherwise.
The top three concerns of businesses are regulatory uncertainty, staffing issues, and rising costs, the survey showed; only 3 per cent of companies nominated either the energy transition, environmental issues or climate change as their chief concern.
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