By Abbey Cannan
A chief economist answered the burning questions of Noosa business owners at a free business breakfast held at Noosa Springs Resort on Wednesday 26 July.
Bendigo Community Bank Sunshine Coast welcomed keynote speaker, David Robertson, chief economist, head of economic and markets research at Bendigo Bank.
David has led an impressive career, dedicated to economic research and analysis. He has honed his expertise and developed a keen eye for identifying emerging trends and their implications. This wealth of experience has positioned him as a trusted commentator and sought-after speaker at major economic conferences and events.
David said we are in uncharted waters but the Reserve Bank of Australia (RBA) is paddling faster than ever.
“There’s some pretty healthy local numbers but it is going to be challenging to deal with four per cent of rate hikes by next week,“ he said.
“The imperative that comes with strong population growth and with strong demand for jobs is the need for further infrastructure investment, so making sure you get a fair share of that through the state government.“
David said the main challenge for businesses over the past two years was filling vacant roles whereas the challenge for the year ahead will be lower household spending.
“The household budget will continue to be materially impacted, not just by the four per cent rate hikes that we’ve seen but by the cost of living crisis which really is paraphrasing inflation,“ he said.
“It’s hard to think of anything that isn’t 10 per cent more expensive than it was a year ago. Interestingly for businesses I think the key is going to be how resilient that household spending will be despite lower consumer sentiment and certainly we’ve seen retailer trade numbers level off.
“We’ve still got 14 billion Australians with a job. I think in a year’s time you will see retail trades suffer from lower household spending.
“There will be a bit more stress in the property markets in terms of arrears rates even though I don’t think prices are going to fall.“
On 2 September Bendigo Community Bank Sunshine Coast will hold their Spring Festival with the official opening of the Bendigo Bank Community Pavilion at Cooroy Community Gardens, celebrating Bendigo Bank Cooroy’s 21st birthday and the Community Hero Awards from 2pm – 8pm at Emerald Street, Cooroy.
