The Australian Bureau of Statistics (ABS) has released a survey on the impacts of the COVID-19 pandemic on Australian businesses. As expected, the majority of businesses have been adversely affected:
Almost three quarters of Australian businesses (72%) reported that reduced cash flow is expected to have an adverse impact on business over the next two months, according to results from the third Australian Bureau of Statistics (ABS) survey on Business Impacts of COVID-19.
ABS Head of Industry Statistics John Shepherd said reduced demand for goods and services was expected to impact about seven in ten businesses (69%) over the next two months, while two in five businesses (41%) expect a reduced ability to pay operating expenses.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
