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How changing the way you operate may impact your business

News Finance

17 June 2020 5 min read

COVID-19 may have cost your business money or changed how it operates. Find out what coronavirus may mean for your business.

Businesses across Australia have been forced to adapt to coronavirus and restrictions imposed by governments to address the pandemic, which may have impacted personnel and the bottom line of many organisations.

According to an Australian Bureau of Statistics (ABS) survey on Business Impacts of COVID-19 carried out between 13 May and 22 May 2020, COVID-19 has forced 70% of Australian businesses to change how they operate.

The impact of changing the way your business operates

ABS Head of Industry Statistics John Shepherd said not only had 70% of businesses had to change how they operate, but the survey also showed that 72% of businesses overall lost revenue as a result of COVID-19.

More businesses that changed the way they operated in COVID times lost money, the figures showed.

Businesses that had changed the way they operate were more than twice as likely to report a decrease in revenue compared with those that were trading normally,”
ABS Head of Industry Statistics John Shepherd

By the numbers: How COVID has impacted businesses

70% Australian businesses have had to change how they operate

72% Businesses have suffered a decrease in revenue

83% Businesses that changed the way they operated suffered a decrease in revenue

37% Businesses that did not change the way they operated have suffered a decrease in revenue

55% Business accessed wage subsidies

63% Businesses expect restrictions of trading until July

Source: 28 May 2020, ABS: Business impacts of COVID-19 survey

Support for your business

The majority of Australian businesses expect ongoing impacts from COVID-19, the survey found.

These included some level of impact from social distancing measures, restrictions on trading, and travel restrictions.

The ABS survey also found that almost three-quarters of businesses had accessed support measures as a result of COVID-19.

It found 55% of business accessed wage subsidies, while 38% of business accessed other government support measures.

The government has announced some temporary relief packages to support businesses impacted by COVID-19.

Here’s a brief summary of the Government’s support measures

Media Release, 28 May 2020, Businesses respond to COVID-19 challenges, Australian Bureau of Statistics at www.abs.gov.au

The opinions expressed from this survey do not necessarily reflect the opinions of the QSuper Board. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.