The latest illion business expectations survey has confirmed a cooling in the economic outlook. The composite expectations index fell to its weakest level since the December quarter 2017, while the actual index dipped to its lowest level since the September quarter 2017.
The retail industry in Australia has been in a state of flux for years. With the advent and subsequent popularity of online shopping and consumer spending habits constantly evolving, it’s now harder than ever for ‘bricks and mortar’ retail business owners to remain competitive let alone solvent. And it’s getting worse.
The Australian economy is set to enter 2019 at a crossroads – one path is for continued success, and a 28th year with no recession, the other, leads to a downturn that will be driven by falls in household wealth as residential housing prices drop.
The digital revolution and subsequent advent of big-data means businesses must be equipped and prepared to navigate the new landscape; not only to grow but to protect themselves.
The illion business expectations survey retained a positive outlook for the March quarter. With business expectations rising 4.5% annually to 23.2 points, while actual performance increased 5.3% to 16.6 points. Both measures remain firm.
Big data is changing the way businesses operate – providing an additional layer of intelligence to help smart companies, regardless of their size, stay ahead of the game.
Topics: Small & Medium Businesses