Fewer businesses report falling revenue
The proportion of businesses reporting a fall in their monthly revenue decreased from 47 per cent in July to 31 per cent in October, according to results released from the Australian Bureau of Statistics (ABS) today.
The latest Business Impacts of COVID-19 Survey also showed that almost three quarters (73 per cent) of businesses had not sought additional funds over the previous six months.
ABS Head of Industry Statistics John Shepherd said “More than four in five (83 per cent) businesses that did not seek additional funds said it was because the funds they had were sufficient and around half (49 per cent) did not want to increase debt.
“For the 21 per cent of businesses that sought additional funds, the most common purpose was to cover operating costs (72 per cent).”
Almost two in five of all businesses (38 per cent) reported that available cash on hand could sustain their business operations for six months or more, while 29 per cent reported that cash on hand could sustain operations for less than three months.
This survey is part of a series of additional products the ABS is releasing to measure the economic impact of COVID-19. Data was collected between 9 October and 15 October. Further information is available in Business Indicators, Business Impacts of COVID-19 (Cat. No. 5676.0.55.003).
The ABS thanks all those who contributed data to this release.
- The additional ABS products published to understand the economic impact of COVID-19 can be found on a dedicated page on the ABS website.
- A small business is one with 0-19 employees; a medium business has 20-199 employees; and a large business has 200 or more employees.
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