Business Leaders Outlook Australia

Business leaders across Australia are cautiously optimistic about the economy, according to our 2023 Business Leaders Outlook survey. More than half have a positive outlook about the global (59%) and national (59%) economies.

Still, 46% of Australian business leaders said they expect a recession in 2023. While sentiment about the likelihood of a recession is lower in Australia than in the United Kingdom (69%), the United States (65%), India (61%), Germany (59%) and France (53%), it represents a sizeable portion of business leaders.

Rising costs in general—and energy prices in particular—continue to weigh on Australian businesses. Two-thirds of the companies experiencing inflation said energy prices are their biggest challenge; next in line are the increased cost of capital (61%) and supply chain issues (60%).

Despite the inflationary challenges, the majority of leaders are confident in their own companies. A commanding 94% expect their revenues to increase or remain the same in 2023.

Economic outlook and expectations

Australian business leaders are mostly optimistic about the global, national and regional economies. And their optimism carries over to how they feel about their own industries and companies.

Economic outlook for 2023
Business expectations

Business challenges

Business leaders in Australia face a number of challenges today. Among them: persistent inflation, high energy prices, snarled supply chains and a shortage of available workers.

Top ways companies are adapting to inflation*
What’s driving up the cost of doing business*
Top responses to the labour shortage*
Top external business threats
Renewable sources of energy
Cyberattacks experienced in last 6 months

Social responsibility

Top areas of focus within corporate responsibility
Top objectives motivating corporate responsibility*

Business transitions and growth plans

Plans for business transfer
Timeline to transfer business*
Growth strategies for the next 12 months

About the survey

Started in 2022, the J.P. Morgan Business Leaders Outlook: Australia survey is a snapshot capturing the concerns and expectations of senior business leaders whose companies have annual revenues between AU$20 million and AU$2 billion.

This year, 200 respondents completed the online survey between 21 November and 8 December 2022. Results are within statistical parameters for validity; the error rate is plus or minus 7.0% at the 95% confidence interval.

Who took the survey
Company size by number of employees
Company size by annual revenue

Company by industry

Government 3%; healthcare 7%; higher education 2%; home services 6%; industrials 7%; manufacturing 25%; media/entertainment/advertising 2%; nonprofit 1%; oil and gas 4%; other professional/non-finance 5%; real estate 2%; restaurants/food services 4%; technology 9%; transportation/logistics 4%; wholesale/retail 21%; other 2%

Note: Some numbers may not equal 100% due to rounding.


Rob P. Bedwell, Head of Australia, Senior Country Officer

Robert Bedwell

Chief Executive Officer, Australia and New Zealand J.P. Morgan

Lindsay Atkinson, Head of Commercial Banking Treasury Management, Australia

Lindsay Atkinson

Head of Commercial Banking Treasury Management, Australia J.P. Morga

Annabelle Mooney, Head of Commercial Banking, Australia

Annabelle Mooney

Head of Commercial Banking, Australia and New Zealand J.P. Morgan

Oliver Bareau, Head of Private Banking, Australia

Oliver Bareau

Head of Private Banking, Australia J.P. Morgan

JPMorgan Chase Bank, N.A. Member FDIC. Visit for disclosures and disclaimers related to this content.