Australian Businesses Look Forward to Brighter Future

The business landscape has been particularly mixed over the past few months, but it seems the outlook is starting to improve for many of the nation’s firms.

The September 2014 ACCI-Westpac Survey of Industrial Trends pointed to varied conditions, although experts believe there is some room for optimism.

One of the key indicators in the survey is employment, which is likely to see further softening during the three months to December.

Half the firms questioned revealed they’d seen no change in the amount of staff they take on and there was little movement in the amount of overtime undertaken.

This came as official figures from the Australian Bureau of Statistics (ABS) pointed to a 0.3 per cent decline in unemployment across the nation in August, putting the total rate at 6.1 per cent.

ABS data showed there was a rise in part-time roles for both men and women over the course of the month, while 18,700 more people found themselves in jobs than during the previous month.

Kate Carnell, chief executive officer of the Australian Chamber of Commerce and Industry (ACCI), explained that there are plenty of reasons for optimism for the country’s businesses.

“The fact that the actual composite index has been in positive territory for a year now indicates that trading conditions in the manufacturing sector have turned the corner,” she noted.

Ms Carnell also suggested that the decline in the Australian dollar should also provide a more positive outlook, especially for employers operating within the manufacturing industry.

Trading conditions have witnessed some improvement, although Ms Carnell warned against becoming too hopeful as the results are “only tentative at this stage”.

Businesses might want to think about incorporating HRMS into their workplace, as it can help focus efforts and make sure staff are being as productive as possible.

It can also be used to ensure individual goals are set for employees to work towards.