GOLD COAST PULSE SURVEY REPORT DECEMBER QUARTER 2020

SUMMARY:

The latest CCIQ Pulse Survey results have indicated an improvement for Gold Coast businesses building on the fragile recovery currently underway. Businesses cited a booming real estate market and better trade conditions during the Christmas / New Year holidays as the leading driver of optimism in the region. Additionally, the staged easing of restrictions provided businesses with a ability to leverage the seasonal improvement with more Australians choosing to travel in Queensland rather than abroad. However, business vulnerability under COVID-19 is continuing with hot spot border closures and some restrictions remaining in place. This has led to many operators, particularly those in tourism, continuing to operate below full capacity. Otherwise, Gold Coast businesses continue to adapt to the ‘new normal’ where economic activity is better than most of 2020 but only starting to build towards more sustainable activity levels. Unfortunately, businesses don’t expect the momentum of recovery to continue in 2021 with stimulus support scheduled to conclude in the New Year. This suggests that a meaningful recovery will be dependent upon the economy’s performance when JobKeeper payments end in March (2021) and the ability to keep the Queensland border open to interstate tourism markets.

KEY FINDINGS:

1. The Pulse Business Index (PBI) improved for the next 12 months and across all performance indicators.
2. Two in five businesses reported stronger business conditions following eased social distancing restrictions.
3. Nearly half of business respondents reported stronger sales and revenue during the December quarter.
4. Business sentiment is expected to decline in the March quarter 2021 when stimulus support ends.

READ THE FULL REPORT HERE.