Rising energy costs are a major concern for small businesses across Australia, and at the end of last year, COSBOA ran a nationwide project to find out more.
We can now release the final report here.
Its key findings:
78% of businesses have seen their energy costs increase in the past two years.
The rise in energy prices is damaging Australian small businesses, significantly reducing their profitability, affecting their cash flow, restricting their capital expenditure and in some cases requiring them to cut staff hours.
Over 50% rented their premises, which meant there were far fewer energy saving measures available to them compared with businesses that owned their properties.
Small business owners reported feeling high levels of stress and anxiety about future energy bills.
A startling 85% of respondents said they would struggle to absorb any future energy price rises, and 1 in 8 businesses surveyed were already unable to pay their energy bills.
Thanks to Energy Consumers Australia and the office of the Australian Small Business and Family Enterprise Ombudsman for the necessary funding to complete this project.