ABS: 72% of businesses suffer COVID-19 revenue falls

COVID-19 has forced 70% of Australian businesses to change how they operate and 72% have suffered revenue declines, according to a new ABS survey:

By employment size, 71% of small businesses (i.e. 0-19 persons employed) reported that revenue had decreased as a result of COVID-19 compared with 78% of medium businesses (i.e. 20-199 persons employed) and 73% of large businesses (i.e. 200 or more persons employed).

Businesses operating under modified conditions were more than twice as likely to report a decrease in revenue compared to those that were operating normally (83% compared with 37%)…

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About the author

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.