Quarterly NSW Business Conditions Survey
The survey, conducted during April and early May, shows businesses no longer feel in the 'crisis mode' that gripped the economy during the Omicron scourge of January.
"The NSW Government should be commended for taking swift action to deploy business support measures during Omicron, and it’s now pleasing to see that confidence is returning following the depths of the January despair," said Business NSW Chief Executive Daniel Hunter.
"While confidence is still classified as being in negative territory, there has been a huge uplift this quarter, with the threat of lockdowns behind us," Mr Hunter sad.
Central to the concerns over the costs of doing business are costs associated with insurance.
"There always tends to be some uncertainty for business around election time, with a number of business owners likely to be holding off on key decisions until after the result of the Federal poll is known.
"There was a particular focus on this survey on operating costs – with 97% of business owners saying they’d had to make changes to their business due to rising costs.