Fewer firms expect better business conditions despite revenue growth

65% saw revenue growth in 2024, but only 36% expected better conditions.

Despite many organisations reporting revenue growth in 2024, only a few said they anticipate improvements in the business environment.

In a report, Australia-based AustCham said 65% of companies reported revenue growth in 2024 (up 2%), but only 36% anticipate an improvement in the business environment (down 14%).

Companies identified geopolitical conflicts (73%), difficulties in attracting local talent (65%), and rising business costs (65%) as the top challenges.

Additionally, they highlighted concerns about recruiting and retaining quality employees, as well as uncertainties in both global and local economies.

On the other hand, most respondents identified key opportunities in digital and AI technologies and the adoption of or compliance with sustainability practices.

Notably, 93% of companies have adopted digital technologies, with Cloud, CRM (Customer Relationship Management), and AI-based technology being the most commonly implemented.

However, challenges persist, including concerns about data privacy and security (58%), integration complexity (53%), and high costs (53%).

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