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COVID-19: firms seek advice

24 June 2020 by News Desk

COVID-19 in Australia: Three in five (60%) Australian businesses sought external advice in response to COVID-19

ABS Head of Industry Statistics, John Shepherd, said “This external advice was most likely to be obtained from organisations including banks, lawyers or accountants (81 per cent) and also federal government agencies (64 per cent).”

Businesses were most likely to seek advice about government support measures (86 per cent) and regulation and compliance (75 per cent).

Mr Shepherd said: “The survey found that almost two thirds (65 per cent) of all business have introduced new hygiene protocols and practices, and 57% have made changes to meet physical distancing requirements.”

Two thirds of businesses reported a decrease compared to last year.

Of those businesses, more than three in every ten estimated that revenue had fallen by more than 50 per cent according to Australian Bureau of Statistics survey on Business Impacts of COVID-19.

COVID-19 in Australia

Two thirds of all businesses reported revenue had decreased compared to the same time last year.

Businesses in Education and training were the most likely to report a reduction in revenue compared to the same time last year (87%).

Less than one in ten of all businesses (8%) reported that revenue had increased compared to the same time last year.

Businesses with decreased revenue that were operating as normal were most likely to report that revenue was up to 25 per cent lower (44%), while businesses with decreased revenue operating under modified conditions were most likely to report that revenue was 25 to less than 50 per cent lower (38%).

More than half of businesses with decreased revenue in Accommodation and food services (63%), Arts and recreation services (60%) and Information media and telecommunications (53%) reported that revenue had reduced by 50 per cent or more compared to the same time last year.

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