Four-in-five self-employed Australians have seen their profits hit as a result of the economic contraction caused by COVID-19, according to a survey by the ANU Centre for Social Research and Methods.
The ANU’s survey also found that almost one-third do not think their businesses will be viable in two months unless economic conditions improve. Just 7.9% of those surveyed said COVID-19 had boosted their profit, while the study found that self-employed workers have lost 9.3 hours per week on average, compared to just 3.1 hours a week for employees:
Based on a survey of a representative sample of 3,155 Australians in mid-April, the report found self-employed workers have suffered a higher reduction in hours worked and income than employees.
