57 per cent of all Australian companies experienced increases in the cost of doing business over the three months to April 2022, with almost a quarter (21 per cent) reporting costs had increased to “a great extent,” according to new data released by the Australian Bureau of Statistics (ABS). The data also shows that more than four in five businesses with staff shortages were unable to find suitable staff.
(courtesy Australian Bureau of Statistics)
Consistent with the results from March, most of these businesses had seen increases to the cost of fuel or energy (83 per cent) and the cost of products or services used by the business (82 per cent), the ABS said.
| "42% partially passed
John Shepherd, ABS
“More than half of the businesses with higher costs (52 per cent) did not increase their prices,” said ABS head of industry statistics, John Shepherd.
“For those that did increase prices, 42 per cent had partially passed on costs and 6 per cent had fully passed on the increases to customers.”
Businesses also provided information about other actions they have taken in response to increased business costs.
“Over a third (39 per cent) of businesses had made changes to their operations or processes and 17 per cent had renegotiated payment terms with customers and suppliers,” Shepherd said.
In April 2022, more than two in five (41%) businesses are experiencing supply chain disruptions.
The results also provided information about business staffing levels. One in five businesses (18 per cent) did not have enough staff in April 2022, consistent with findings in January 2022.
More than four in five businesses (84 per cent) with staff shortages were unable to find suitable staff, rising from 69 per cent in January.
Uncertainty due to COVID-19 was less likely to be an influence on staffing levels (36 per cent compared to 62 per cent in January).
Further information is included in the latest ABS Business Conditions and Sentiments.
Update: Supplier Graphic Art Mart is increasing its prices on Mimaki ink and spare parts from 9th May, 2022.
“We wish to inform you that there will be a price increase of around 7%-10% on Mimaki's Ink and Spare Parts,” Graphic Art Mart told customers.
“The price change is a global decision due to recent soaring raw material prices (mainly inks and print circuit board) and international transportation costs.”