An Australia wide Roy Morgan Business Confidence Poll, as at July 2023, noted a further fall of 1.3 points since June. The current level of confidence sits at 87.5%, being well below the neutral position of 100. However, this is not uniform across all States in Australia. It also does not necessarily reflect purchaser demand and transactional activity in the small business marketplace. Indeed, some States of Australia are experiencing strong buyer demand. The following market update includes some State by State comparisons.
Whilst there is some variance in transaction activity between the States, brokers also note some common themes throughout Australia, including the following:
State by State Small Business Market Conditions
Currently, economic conditions remain strong in Australia. Unemployment in July was down to 3.4% (the lowest since 1974!) and wages growth was picking up. This has helped households absorb the initial shock of mortgage rate increases.
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