Not only will it reveal confidence levels for the next 12 months, but also track performance, trends and plans for future growth and investment.

It will also show how well the internet is used.

The new survey, which will run for a month, will show whether last year’s indication of a high to very high level of confidence in the following 12 months came to fruition.

Lowest confidence last year came from retailing and the trades and construction sectors, while the highest outlook was in business/commercial services and accommodation and hospitality. Warrnambool City Council economic development manager Andrew Paton said statistical trends would emerge over five years.

“This is an important survey not only for council, but for existing businesses and potential investors across all industry sectors,” Mr Paton said.

“The more data we have the more useful the results, so I encourage all businesses to spare a few minutes to complete it.”

Deakin University faculty of business law senior lecturer Dr Scott Salzman said the survey was aimed at determining industry-specific confidence in the market and would benefit from a broad community response.

“There have been concerns about our central business district and inability to attract customers, but ideally the survey will create a broad picture of what is happening in our region,”  he said.

David Brown, chief executive of foundation sponsor South West Credit, said new business owners, government agencies and potential investors could develop a sense of what the local business environment was like.

Businesses on the update list will receive survey forms in the mail this week. Hard copies are also available from the council offices and website, The Standard or 3YB/Coast-FM.

Responses will be analysed by Deakin University’s economists and be released later this year.