CCIQ Suncorp Pulse Survey of Business Conditions
“Slight improvement recorded as the toughest period ever encountered by businesses continue.”
The latest results from the Suncorp CCIQ Pulse Survey for the June quarter 2020 have indicated a slight improvement on the March quarter despite conditions and performance continuing to remain very poor.
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General business conditions
Two in three businesses (65%) indicated that business conditions during the June quarter had deteriorated.
Two-thirds of Queensland businesses indicated that sales revenue had fallen during the June quarter amidst the social distancing measures implemented by the State and Federal government.
The Other Operating Costs Index fell by another 7.2 points over the June quarter to 47.7. This is the first time the Index has fallen below 50 and indicates that business costs are decreasing, providing essential cost relief for businesses forced to close.
Two in every three businesses (65%) reported that their profitability had declined during the June quarter. This reading is only slightly better than the March quarter, causing the Profitability Index to increase by 2.4 points to 30.4 while remaining at an unprecedented poor level.
Employment levels increased by 2.3 index points in the June quarter to 39.3 as two in every five businesses reported reduced staffing. While improving, the reading for June is the second-lowest ever recorded and follows the historic low observed in the previous quarter (March 2020).
Capital expenditure remained virtually unchanged, increasing by only 0.3 points to 40.6. Businesses indicate having to further reduce capital expenditures during the September quarter with the Forecast Index remaining low at 42.4.