EP#258 ~ The BusinessNSW Conditions Survey March 2025

Small Biz Matters: People, Policy, Purpose ~ Episode #258
Broadcast date: 18 Mar 2025
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 her findings or read their quarterly Business Insights data report, the science of economics becomes a little clearer. The report provides policy makers and business owners insights from small business in the form of robust, clearly presented data which is consistent in its presentation of its data. That’s why we’re pleased to present this information to you on a regular basis on Small Biz Matters.

In March 2025, for the first time in three years, the report offering a positive lift in the confidence index. Insurance remains a top concern and we are very much in a 2 speed economy but the green shoots have started appearing alongside the RBA’s interest rate cut and as Sherman says, “Confidence comes hand in hand with resilience.”

Regularly briefing small business intel from the quarterly business insights report to the likes of NSW Treasury, the RBA and federal politicians, Dr Chan 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. She joins us to unpack the findings of the March 2025 report for small business owners, their advisors and policy makers here on Small Biz Matters.

• Tell us about the findings in this quarter’s Business NSW data report. What insights have you been able to extract from the data in particular for small businesses?
• Is the data showing different situation for regional or Metro base businesses?
• What will Business NSW adjust in its priority issues when representing small businesses in NSW? How will they change their policy priorities? 
• What do you see as the main issues that Business NSW will be advocating for change for small businesses in the coming 12 months?
• Were you surprised by any of the findings?

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