In the February 2024 Tax Insights survey, we asked Australian businesses if they noticed a decrease in sales/revenue when compared to this time last year.

Negative Responses:

The majority of respondents (50%) felt that they did notice a decrease in sales/revenue when compared to this time last year

• A significant portion of respondents have noticed a decrease in sales or revenue compared to the same period last year. This suggests a tangible impact on business performance, potentially influenced by various factors such as economic downturn, changing consumer behavior, or industry-specific challenges.

Indifference:

• 33.3% of respondents indicated that the question about decreased sales or revenue does not apply to them. This could stem from various reasons such as being in a non-commercial or stable industry, not directly involved in revenue-generating activities, or experiencing growth or stability rather than decline.

Positive Responses:

16.6% of respondents did not notice a decrease in sales/revenue.

• A minority of respondents reported that they have not observed a decrease in sales or revenue compared to the previous year. This could indicate resilience or successful adaptation strategies within their business model, enabling them to maintain or even improve their financial performance despite external pressures.

These results underscore the diverse experiences and circumstances among respondents regarding sales or revenue performance compared to the previous year. It's essential for businesses to analyse these findings to better understand market dynamics, identify areas for improvement, and develop strategies to mitigate challenges or capitalise on opportunities.

PAST TAX INSIGHT SURVEY RESPONSES