EP#245 ~ The BusinessNSW Conditions Survey: Solid framework, insightful data and valuable info to influence policy

Small Biz Matters: People, Policy, Purpose ~ Episode #245
Broadcast date: 20 Aug 2024
Host: Alexi Boyd, Small Business Advocate & Policy Advisor
Guests: Dr Sherman Chan, Chief Economist at Business NSW

Dr Sherman Chan is one of those few economists who, when they explain a complex problem, it makes sense. That’s why whenever you attend a BusinessNSW event where she is presenting or read their quarterly Business Insights data report, the science of economics becomes a little clearer.

Small business is on the roller coaster of macro economic conditions, and its currently on the downward side of the big dipper. It is of course greatly affected by interest rates, unemployment rates and inflation (the usual suspects) and well aware of the micro conditions facing their own small business but the insights coming from small business can paint a clear picture for policy makers too. This is particularly true when that data is robust, clearly presented and consistent in its undertaking. It’s a powerful tool for both small businesses but politicians and policy makers who are ultimately making decisions which affect your business every day.

Dr Sherman Chan is passionate about making small business data meaningful, accessible and importantly impactful to these policy makers. Regularly briefing small business intel from the quarterly business insights report to the likes of NSW Treasury, the RBA and federal politicians, she has an intelligent approach to data gathering, presenting it in a clear and relatable way, Dr Sherman Chan is exactly the right person to deliver the information you need to understand the state of small business right now.

PEOPLE –  Can you tell us a little about yourself and why you’re so passionate about supporting small businesses through data? Why has business New South Wales continue to produce the Business Insights report? How have economists become so influential in the media and advocacy work and critical in the decision making process when it comes to policy decisions made by Government?

POLICY - What difference can surveys make to the policy direction for businesses in NSW? What’s the difference between your Saturdays and the work that the ABS does? How do the surveys influence the policy work of BusinessNSW? How do you use the surveys to drive decision makers?

PURPOSE Can you tell us a little bit about the BusinessNSW surveys that have been running for many years? How are they put together? And how do you decide which questions to ask? How influential are they?

Sherman is an economist with experience in government, banking and consulting. In her role as Chief Economist at Business NSW, Sherman drives strategic research and builds the evidence base for policy advocacy. She manages the quarterly Business Conditions Survey – Business NSW’s flagship research product that generates insights into business opportunities and challenges across key industries in NSW.

Prior to joining Business NSW, Sherman was a Senior Manager in the Risk and Regulatory Consulting practice at MinterEllison. This followed a six-year stint in NSW Government with agencies including NSW Treasury and the Audit Office of NSW where she led large-scale program evaluations and performance audits.  

Sherman’s journey as an economist also includes working at Moody’s Analytics and HSBC (Hong Kong) during the Global Financial Crisis, covering economies and financial markets across the Asia-Pacific region. Sherman also has experience working at the Australian Prudential Regulation Authority.

Sherman holds a PhD and a Bachelor of Commerce (Honours in Economics) both from UNSW. Proficient in both macroeconomics and microeconomics, Sherman has been a Lecturer at UNSW since 2014. She specialises in government policy evaluation, impact measurement and cost-benefit analysis.

Business NSW is the peak business organisation for New South Wales representing the needs of 48,000 businesses across the state. Its purpose is to create a better Australia by maximising the outcomes and potential of Australian businesses. The organisation achieves this by working with businesses spanning all industry sectors including small, medium and large enterprises.

To find out more about BusinessNSW Business Conditions Survey, check it out HERE