National energy crisis impacting Victorian business

11 July 2022

Victorian businesses are struggling to deal with the national energy crisis with growing concerns about rising prices and supply pressures impacting their operations, according to a new Victorian Chamber of Commerce and Industry survey.

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Nearly half of the businesses surveyed said the current instability was affecting their operations, with many of them forecasting changes in their business investments amid growing uncertainty about costs and supply.

The Chamber surveyed members from a wide range of businesses across all sectors, indicating widespread challenges not just for heavy industries.

The survey found: 

  • 47 per cent of companies said the current instability in the energy market is impacting their business
  • The majority of businesses (55 per cent) use both electricity and gas, and 42 per cent use electricity only as an energy resource
  • 96 per cent were concerned about the rising cost of electricity and 76 per cent concerned about the increase in the price of gas
  • 51 per cent were forecasting changes in business investments over the next two months because of the current instability
  • 79 per cent were uncertain about forecasting costs and investments for their business over the 12 months
  • 58 per cent would be more willing to invest in renewable energies or switch from gas to electricity with government financial support
  • 72 per cent indicated that energy security and energy affordability are equally important to their business

The Victorian Chamber is working closely with the State Government to provide support to businesses by addressing energy costs, helping better educate industry of the energy market and seeking clearer guidelines of the transition to renewables.

The complete survey can be provided on request by contacting the Victorian Chamber media team.

To be attributed to Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra:

“This survey shows the impact the energy crisis is having on Victorian businesses, in particular their levels of confidence and investment as they deal with rising costs and growing uncertainty around supply.

“It also tells us that we need to explore all options to alleviate pressure on businesses in the short term while looking at longer term solutions that will provide certainty and benefits for businesses, the economy and wider community.

“Business needs commitment around certainty of supply and certainty of price in the short term, and then we need to seize the opportunity in sectors like renewables, waste recovery, carbon technologies and transport that will in turn create new jobs, lower emissions and reduce costs for business and consumers. Doing this will help make Victoria the best place to live, work and operate a business.”

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