Rising cost of living leaving many Canberra small businesses in a precarious position

Rising cost of living leaving many Canberra small businesses in a precarious position
Sunil Bandy's motto is when his customers are happy, he's happy. But he says many people simply can't afford to eat out anymore. The cost what I'm spending, So what I have to charge for the customers they are not ready for because you know why they are struggling too. As for the people who do come in, they're spending less. He's been forced to cut staff and reduce trading hours. Trust me, just these days we are not making any money just staying here. Just trying to OK the good day's gonna come. Nearby, this coffee bean business is seeing fewer cafes buying their product. Cafes are suffering a lot. Rents are high, wages are high, and everyone is drinking coffee from home. Paul Reed has been repairing coffee machines for 16 years. He's doing more home visits than ever lately. The last year or two, it's places are quiet, so quiet they're closing at 2:00. It's not just the hospitality industry that's feeling the pinch. I reckon this is probably our hardest year yet. Even with COVID, this homeware and gift shop has had to adapt to changing customer habits. There's less demand for premium products and it's getting harder to predict that demand these days. You can't pick it. You know, from week to week it's really different. You know, one day we might be super busy on a Tuesday and then the next week it's we'll have two people through. It is a very challenging business environment out there at the moment as the economy has slowed down. We've got nearly 2/3 of businesses telling us that they did not hit their sales tones for the last quarter. We've got only 29% feeling confident about the future. The Business Chamber says stubbornly high interest rates are the biggest challenge facing small businesses. If the cash rate comes down, that will be key in injecting some confidence back into the consumer economy and take the edge off the cost of doing business.
  • https://www.msn.com/en-au/news/australia/rising-cost-of-living-leaving-many-canberra-small-businesses-in-a-precarious-position/vi-BB1oFYRI?ocid=00000000

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