The resilience of Queensland business owners shone through despite the state’s small business sentiment being hit hard by the recent natural disasters, with the state reporting a Happiness Index of 53 per cent in a new business survey released by Westpac. The figure, which is the lowest of all states, is just seven points below the national standard.

“What we found interesting was that even though Queensland is doing it especially tough, the state registered an overall score just under the national average. This shows a particular resilience in the Queensland business community – I would have expected them to be a little more off the pace”, Westpac State General Manager QLD Andy Fell said.

“Business conditions have rarely been tougher, but our new sentiment survey shows that far from complaining, many Australian entrepreneurs and small business owners are just getting on with business”, Mr Fell said.

Although 68 per cent of participating local business owners said their performance had been negatively affected by weather conditions, 56 per cent expect improved business performance in the next six months. Even more surprisingly, 78 per cent of respondents thought their businesses were likely to meet or exceed forecasts in that time.

Another impressive finding for the state was that Queensland business owners are the most savvy with their finances. Almost three in five Queensland SME operators have a cash flow budget which they review frequently, beating out all other states. Queensland SMEs were also the most likely to consult their Bank Manager for financial advice, returning a score 3.3 per cent higher than the national average.

The survey showed small businesses able to seek financial advice from their local bank manager trended toward a higher overall business sentiment, had a better-performing business, were more optimistic about the next six months and were happier overall.

Despite these positives, operating a business was reported to be more difficult now for 43 per cent of respondents, with the Retail, Finance and Insurance, Agriculture, Forestry and Fishing industries doing it hardest.