We believe it is important for our clients to have up-to-date knowledge on current business conditions and sentiments. You will find important updates listed below for your reference.
- In July 2020, nearly half (47%) of businesses reported decreased revenue over the previous month, compared to less than a quarter (24%) of businesses by June 2021. As a whole, businesses are experiencing gradual increases in revenue.
- In August 2020, only 23% of businesses expected it to be easy or very easy to meet their financial commitments over the next three months. However, by June 2021, two in five (41%) businesses reported that they would be able to do so, indicating more optimistic prospects for business recovery.
- Due to lockdowns and uncertainties related to COVID, 19% of businesses are experiencing an insufficient number of employees.
- There has continued to be strong inquiry rates for essential businesses that can operate under lockdown.
- As of 28 July 2021, total COVID vaccine doses have reached 11,795,236. As more and more people get vaccinated, there will be fewer lockdowns and therefore less economic disruption.
As you can see, despite the obstacles presented by lockdowns, business confidence is on the road to recovery. We remain committed to our goal of helping you achieve your business objectives, so please do not hesitate to contact our brokers for assistance. Should you wish to learn more about the economic impacts of COVID, please refer to the Australia Bureau of Statistics (ABS) website for further information.
Stay safe, and we wish health and happiness for you all!