Local businesses lead profit drive

PROFITS of Western Australian medium-sized businesses have grown at three times the rate of businesses in New South Wales and twice the rate in Victoria over the past year, according to the latest Pricewaterhouse Coopers Private Business Barometer. The second edition of the bi-annual report, released this week, shows that private business in WA, along with those in Queensland, are experiencing much higher growth rates on average than their interstate counterparts, increasing profits and beating revenue targets to a far greater extent than business in NSW and Victoria. In the past financial year, 91 per cent of businesses in WA and 84 per cent of businesses in Queensland exceeded their set revenue targets. Only 15.7 per cent of NSW businesses and 10.9 per cent of those in Victoria beat set revenue targets during the same period. WA private business interviewed for the report showed an average growth in sales of nearly 30 per cent for the year. The report involved interviews by researches East and Partners of 757 private businesses with an average annual turnover of between $10 million and $100 million and 100 employees or less. Nationally, businesses recorded an 11.3 per cent average increase in profits and 13.2 per cent average rise in sales in the past year. Staffing remains a concern for business, with 56.7 per cent of businesses reporting a lack of qualified talent as a key constraint to their growth ambitions.

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