The previous quarter saw the ACT record its highest number of business failures in three years with 228 businesses closing their doors.
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Dun and Bradstreet's Australian New and Failed Businesses report revealed Canberra business closures between July and September were 83 per cent higher than the preceding quarter.
Canberra Business Chamber chief executive Robyn Hendry said the data was concerning but left many questions unanswered.
"The statistics don't tell us enough information to know exactly what stage those businesses were at and all the details behind those failures," she said.
"Some people may in fact have registered a business then they just decide not to proceed and they wind that down accordingly.
"One other element that strikes me as being pertinent in that period is that it was through the election period virtually, so that is a tough time for businesses so it may be some emerging businesses or just start-ups et cetera found that period difficult."
The chamber's most recent survey of small to medium enterprises found the majority were as or more confident than they were last year when looking to the next 12 months.
However, some saw red tape, rising costs and skill shortages as barriers to their expansion.
Ms Hendry listed a reduction in the value of the dollar as another issue for some businesses.
"It's a very complex life out there in business and I'm not really hearing any one thing," she said.
"[With some businesses] they've done their time or they've achieved what they wanted to or it's evident that they won't achieve what they set out to.
"All of those reasons come to play and it's very hard for me to generalise but the conditions are generally good."
The Canberra Business Chamber has partnered with Sneddon Hall & Gallop, Threesides Marketing and Nexis Accountants to deliver Canberra BusinessPoint, a hub for practical business support and advice.
Ms Hendry encouraged new businesses or those looking for advice to contact the chamber.