Business Leaders Outlook 2024 Australia
Business Leaders Outlook 2024 Australia

Read the Australia report


While economists forecast a soft landing, Australian business leaders anticipate a 2024 recession or believe one is already underway—59% compared to 46% in 2023. 

In contrast, business leaders also expressed widespread economic optimism. Nearly 7 in 10 respondents expressed confidence in the global (69%) and national economies (68%), notably higher than respondents in the U.S. and U.K. 

Leaders’ confidence extends to their industries (73%), companies (80%) and the global economy (69%). Most survey respondents expect to see increases in their revenue/sales (82%), profits (78%), credit needs (77%) and capital expenditures (73%). Likewise, more than half of Australian business leaders are looking to expand into new distribution channels (54%) and geographical markets (53%). 

Australian business leaders know there are obstacles ahead. The competitive environment and cybersecurity and fraud concerns topped the list of business concerns at 28%, as the country has seen several high-profile data breaches in the last 12 months. And amid rising interest rates and headlines about reduced holiday spending, lack of consumer confidence (26%) rounded out leaders’ biggest business concerns. Plus, nearly three-quarters of companies report costs rising as a result of inflation. 

Artificial intelligence may help leaders achieve tackle obstacles ahead; 86% of Australian business leaders are currently using or considering using AI tools for their business. Financial management and accounting was the top area where Australian leaders use or plan to use AI.


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

Robert Bedwell

Chief Executive Officer, Australia and New Zealand

Kerwin Clayton

Kerwin Clayton

Head of Commercial Banking, Asia Pacific

Lindsay Atkinson, Head of Commercial Banking Treasury Management, Australia

Lindsay Atkinson

Head of Commercial Banking Treasury Management, Australia

Elizabeth McAlpine

Elizabeth McAlpine

Head of Commercial Banking Industrials and Consumer Coverage, Australia

About the survey

In its third year, the annual Australia Business Leaders Outlook survey is a snapshot capturing the concerns and expectations of senior business leaders at midsize companies with annual revenues generally ranging from AU$20 million and AU$2 billion.

This year, 209 respondents completed the online survey between 16 November and 13 December 2023. Results are within statistical parameters for validity; the error rate is plus or minus 6.6% at the 95% confidence interval.

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