Survey finds Western Sydney economic boom set to continue
An analysis of economic activity across Western Sydney has found local businesses have exceeded profit targets and consistently hired more staff.
The fifth edition of the Making Western Sydney Greater survey was led by William Buck, in collaboration with Western Sydney University, St George Bank, and Western Sydney Business Connection.
The Deputy Dean (International, Accreditation and Launchpad) at Western Sydney University School of Business, Professor Nigel Garrow, says the study shows revenue expectations amongst businesses in Western Sydney have moved to their strongest levels since 2015.
"There has been a notable increase in positive business sentiment, which has reached its highest point over the survey's history," says Professor Garrow.
"Considering the ongoing investment taking place across the region, business sentiment is expected to remain strong over the course of this year and beyond."
Overall, the study found the Western Sydney economy is strong, and ahead of the national average.
Small to medium sized enterprises expect to exceed their revenue targets by 11.75%. This is higher than the expectation for businesses generally across the region, where actual revenue is expected to be 8.86% over target.
Consistent with the trend reported in the previous survey period, these target revenue expectations are expected to translate into increased profits.
However, there is an element of caution in the employment outlook, with a forecast softening of growth in full time employment by large businesses.
Regarding technology, Western Sydney business see real benefits for their business from increased automation, with new industries, reduced costs and greater productivity cited as some of the key benefits.
But they also see challenges in retraining their workforce in the new skills required to operate in an increasingly automated workplace.
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