However, in a further positive indication of the mood of the industry, 72% of respondents said they could see signs of a turnaround ahead.More than 55% of the companies surveyed said that so far, the global financial crisis had had a small but manageable impact on the health of their business. More concerning was that 34% of respondents said the GFC had had a major effect on their business, with nearly 7% saying the crisis was threatening their business. The survey, which was sent to all CIN subscribers last month, also found that among the job cuts being planned, 51% of respondents were planning cuts to full-time and part-time positions, as opposed to contractors and consultants.These results came as the Chamber of Commerce and Industry in Western Australia released the results of its quarterly Business Expectations survey. That survey found that in the business sector overall, weaker sales and deteriorating profitability are taking their toll as companies prepare for a year of worsening economic conditions.Australia’s national economy is tipped to continue its deterioration, 84% of respondents to the CCI survey said, while almost three-quarters predicted mining hub Western Australia would also weaken. “The results highlight the seriousness of the challenge faced by business in navigating through these uncertain times,” Chamber of Commerce and Industry Western Australia chief economist John Nicolaou said. But the survey wasn’t all doom and gloom, with 64% of respondents saying current economic conditions were good for their business. “It is important to recognise … conditions will eventually improve, making it imperative that businesses critically review their operations to make savings in the short term, and take decisions that will deliver long-term benefits,” Nicolaou said.
