The Victorian Chamber’s annual Business Pulse survey reinforced that our members and stakeholders believe our role is highly relevant to business productivity and the Victorian community.

Business Pulse provides insights into the aspirations and challenges of a range of small and large businesses and industries in the current economic climate, with record engagement yielding around 1,500 responses this year.

In an endorsement for the Chamber, 84 per cent of respondents trust the Victorian Chamber while 68 per cent believe the Victorian Chamber’s role is highly relevant to business productivity and the Victorian community.

Business confidence

Business Pulse provides a comprehensive understanding of the state of commercial confidence in Victoria, spanning challenges, areas of focus and planning.

On challenges, notably 62 per cent of businesses consider the cost of doing business as a considerable challenge while 83 per cent indicated that staff skill shortages and availability posed significant hurdles.

Despite the challenges, a majority of business (63 per cent) indicated their focus is on directing their efforts towards growing revenue. Additionally, 43 per cent are focused on expanding their brand and marketing presence and an equal percentage are committed to increasing employee productivity and capability.

The survey also uncovered the forward-thinking planning approach of businesses in Victoria, with 41 per cent of businesses strategising for the upcoming 12 months, 25 per cent planning for a three-year span and 17 per cent setting sights on a five-year trajectory.

For the first time, respondents said they would benefit from training, resources and education in Artificial Intelligence.

The top six critical areas of support essential for accomplishing business goals include:

Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra said: “The 2023 Victorian Business Pulse Survey underlines the challenges and goals of businesses in our state. It’s evident that businesses are not only navigating existing hurdles but are proactively planning and seeking support to achieve their objectives.

“The Victorian Chamber is committed to addressing these identified needs and supporting businesses across Victoria as they strive and thrive in the evolving business landscape.

“We are proud to be the most trusted voice and advocate for business; we will continue to have our members’ backs through these challenging economic times and will strongly put the business position and perspective to government and other stakeholders at every opportunity.”

Advocacy and Support

For more information on the Victorian Chamber’s advocacy work, please visit the Policy and Advocacy section of our website.

If you have any questions or would like to be involved in our advocacy work, please contact us via policy@victorianchamber.com.au.