Queensland businesses are feeling the effects of the tough economy.
Many are struggling to keep their doors open after experiencing record lows.
Danika Ferguson reports.
An uncertain financial future continues to worry Queensland business owners.
Experts say a hangover from the GFC and interest rate hikes are hurting.
Professor Peter Little, QUT Business School: “Housing prices in Australia are relatively the highest in the western world and housing affordability is a major issue particularly when you couple that with the level of interest rates that apply in Australia.”
The mining boom has overshadowed many of the major struggles experienced by smaller companies.
Queensland’s construction industry is one of the hardest hit.
Five years ago, tradies would have flocked to these streets in a housing construction boom.
But today’s almost deserted streets tell a different story.
Professor Peter Little, Executive Dean QUT Business School: “The construction and housing sectors are particularly weak.”
Smaller family owned companies that have survived for generations, such as Sharp Plywood, haven’t escaped the hardship.
Rodney Sharp, General Manager Sharp Plywood: “Our business has reduced considerably and we’re much down on production than what we were 2 or 3 years ago.”
As Queensland’s construction industry enters its 23rd month in decline with no signs of improving, many businesses are being forced to adapt or face a similar future.
Sharp Plywood is already taking appropriate action to ensure its business survives.
Rodney Sharp, General Manager Sharp Plywood: “There’s always a light at the end of the tunnel. We’ve changed a lot of things and we’re working on smaller things and doing things smarter and we’re looking for different markets.”
Danika Ferguson, QUT News.