ABS: Two thirds of businesses badly impacted by COVID-19

The ABS has released data showing that two-thirds of Australian businesses have experienced reduced cash flow or turnover from the coronavirus:

Two thirds (66%) of Australian businesses reported that their turnover or cash flow had reduced as a result of COVID-19, according to results from the second Australian Bureau of Statistics (ABS) survey on Business Impacts of COVID-19…

Social distancing measures have had a sizeable impact on the operating environment for businesses in Accommodation and food services; almost all businesses in this industry reported a reduction in turnover or cash flow. Nine out of ten (90%) businesses in Accommodation and food services also reported that government restrictions had had an adverse impact on operations…

Nearly half (47%) of businesses made changes to their workforce arrangements as a result of COVID-19. For some businesses this included temporarily reducing or increasing staff working hours, changing the location where staff worked (including working from home) or staff being placed on leave…

A temporary reduction in staff work hours was reported by a quarter of businesses with 19 or less employees (25%), over two in five (41%) of businesses with 20-199 employees and a third (34%) of businesses with 200 or more employees…

Two in five businesses (38%) have changed how they deliver their products or services, including shifting to online services. Over a third of businesses have renegotiated their lease and rental arrangements and a quarter have deferred loan repayments…