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Economists predict a soft landing, but Australian business leaders expect a recession in 2024 or believe it has already begun (59% compared to 46% in 2023) .
By contrast, business leaders also expressed widespread economic optimism.Nearly seven in 10 respondents expressed confidence in the global economy (69%) and domestic economy (68%), significantly higher than respondents in the US and UK.
Leaders also have confidence in their industry (73%), their company (80%), and the global economy (69%). Most survey respondents expect increases in revenue/sales (82%), profits (78%), credit needs (77%), and capital expenditures (73%). Similarly, more than half of Australian business leaders are considering expanding into new distribution channels (54%) and geographic markets (53%).
Australian business leaders recognize there are obstacles ahead. Concerns about the competitive environment, cybersecurity and fraud top the list of business concerns at 28%, as the country has experienced several high-profile data breaches in the past 12 months. Masu. And amid headlines about rising interest rates and falling holiday spending, a lack of consumer confidence (26%) swept away leaders' top business concerns. Additionally, nearly three-quarters of businesses report that their costs have increased as a result of inflation.
Artificial intelligence may help leaders tackle the obstacles in front of them. 86% of Australian business leaders are currently using or considering using AI tools in their business. Financial management and accounting were the top areas where Australian leaders are using or planning to use her AI.
