The Victorian Chamber of Commerce and Industry has released its June 2018 quarter Survey of Business Trends and Prospects, showing business sentiment remains optimistic in Victoria. The survey explores a range of topics, including the overall business sentiment in Victoria, current and anticipated business indicators in Victoria.

According to the survey, 34 per cent of businesses anticipate economic growth in Victoria over the next 12 months. An increase in exports was reported by 21 per cent of businesses.

However, rising costs are damaging business prospects, with 27 per cent of businesses surveyed reporting a decrease in profits.

Victorian Chamber of Commerce and Industry Chief Executive Mark Stone AM said the survey results show optimism amongst businesses in Victoria. However, he suggested that greater engagement with research institutions would help businesses commercialise new technologies and boost their productivity.

“If Victorian businesses are to remain competitive, more business-research collaboration is needed. Australia is last on the list of OECD countries when we measure business-research collaboration in a global scale. Many other countries do collaboration much better than us – and their economies benefit,” said Mr Stone.

Mr Stone said evidence shows that when businesses collaborate with researchers, they more than triple their likelihood of annual productivity growth. However, the Victorian Chamber’s survey shows less than a quarter of Victorian businesses have been working with research institutions in the past five years.

Over half of survey respondents, 52 per cent, said they were unsure about the commercial benefits of collaboration and deterred by the long timeframes it takes to establish a partnership.

The survey also shows that only 14 per cent of regional businesses have partnered with a research institution in the past five years.

To initiate collaboration, get innovative projects off the ground and enhance investment in Victoria, the Victorian Chamber is launching ignite, a new initiative to bring businesses and researchers together.

“We want businesses to understand that there are many ways – big and small – to collaborate with the research sector. They can host interns, co-invest on new products or partner on a research project in their own business. Possibilities are vast and it all starts with a simple conversation,” said Mr Stone.

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