Record labour costs along with increases in insurance, logistical and supply chain items and electricity were making business owners less confident of the months ahead, according to the Chamber of Commerce and Industry Queensland.

But data released this morning from the Commonwealth Bank also showed that businesses were ploughing money into buying new equipment and machinery last financial year.

The CBA said that in 2021-22 the bank had experienced the largest volume of new asset finance lending in its history.

It adds to what the CCIQ said was a decoupling of the actual economic conditions from what business owners felt was case.

The CCIQ survey also found that Interest rate increases were also adding into the feeling of unease about the economy.

According to CCIQ’s policy and advocacy manager Cherie Josephson about 42 per cent of respondents to the CCIQ survey said their June quarter sales and revenue had improved. Employment levels were also up and businesses had said they expected to increase staff levels in the September quarter.

“While sales are strengthening, businesses’ ability to grow is being held back by continued rising operating costs,” she said.

The outlook for the Queensland economy over the next 12 months fell by 8.9 points and indicated weakening growth. Confidence fell by 14.6 points to 38.1.

Operating costs rose 5.6 points to a record high of 79.8 and labour costs also reached a record high of 78.3.

The CBA data also showed that business did have some confidence despite the rising costs.

“Many have increased their investment in productive capacity to strengthen their businesses and are taking positive action to overcome issues including supply chain disruptions by refining procurement processes and asset management,” the CBA’s executive of business banking Mike Vacy Lyle said.