Australian Bureau of Statistics (ABS) has begun research on the impacts on COVID-19 on the Australian business community, asking businesses to report the largest impacts as a result of COVID-19.
Two thirds of Australian businesses (66%) reported a reduction in turnover or cash flow as a result of COVID-19. Despite an overall reported reduction in turnover or cash flow, a number of businesses reported an increase in turnover or cash flow from the online component of their operations. Social distancing measures have had a sizeable impact on the operating environment for businesses in accommodation and food services with almost all businesses in this industry reporting a reduction in turnover or cash flow.
Product and process related changes, such as changing the method of delivery of products or services, including a shift to online services was reported by almost four out of ten (38%) businesses, while only 10% reported having introduced new products.
The most commonly reported financial management response was renegotiation of property rent/lease arrangements (38%) and deferred loan repayments (24%).
