The Restaurant Association is pleased to announce the results of a recent survey conducted among its members following the election.
The survey aimed to assess the sentiment of members regarding the election's outcome and its potential economic impact, as well as their expectations for the incoming government.
In a resounding show of support, 52 per cent of respondents conveyed their satisfaction with the election outcome, while 30 prer cent of respondents indicated they are somewhat satisfied.
These statistics reflect the optimism members feel for the restaurant industry's future following the change of Government.
The survey also revealed a strong sense of optimism among members regarding the economic outlook: 56 per cent of respondents expressed being more optimistic, while 30 per cent indicated they were slightly more optimistic.
This upsurge in optimism is an encouraging sign for the industry's recovery and growth, reflecting the belief of a majority of the members that a change of Government will result in better outcomes for the industry.
The business confidence sentiments are in contrast with earlier feedback in the year, in which 20 per cent of members anticipated an improvement over the next 12 months, with factors like the recession, upcoming election, and impending legislative changes causing unease.
The survey findings also shed light on our members' expectations regarding the impact of the election on consumer confidence and spending.
Around 50 per cent of respondents believe that the election will have a positive effect, slightly boosting consumer confidence and spending.
Additionally, a notable 27 per cent of respondents hold the view that the election will significantly boost consumer confidence.
"We are pleased to see our members express such significant levels of satisfaction and optimism following the election," says Restaurant Association CEO Marisa Bidois.
"The change of government has clearly increased the outlook for the restaurant industry. We look forward to working with the incoming government to ensure our members' priorities are addressed."
When asked about the top priorities for the incoming government, an overwhelming 80 per cent expressed the need to repeal the fair pay legislation, demonstrating its significance to the restaurant industry.
Additionally, 43 per cent emphasised the importance of implementing tax cuts to stimulate economic growth.
About 62 per cent stressed the necessity of effective interest rate management to ensure financial stability and viability for restaurants.
Likewise, a substantial 62 per cent advocated for the reintroduction of 90-day trials to facilitate hiring and operational flexibility.
“The Restaurant Association is dedicated to advocating for these priorities and working collaboratively with the new government to create a favourable environment for our members.
“The positive outlook expressed by our members is encouraging and we hope this is an indication of better times ahead for the industry. We remain committed to supporting our members and advocating for policies that promote their success.”