New research from Roy Morgan has found over 60 per cent of Australian businesses have been affected by COVID-19, which is up from only 15 per cent in mid-February.
In mid-March over 60 per cent of Australian businesses report being affected by the COVID-19 coronavirus, up a massive 45 per cent points from a month ago according to a special Roy Morgan Snap SMS Survey of 1,148 Australian businesses.
Analysing the results in more granular detail shows 17 per cent of businesses report being affected ‘A great deal’ by COVID-19 coronavirus (up 15 per cent points from a month ago), 31 per cent have been ‘somewhat’ affected (up 23 per cent points) and a further 12 per cent (up 7 per cent points) have been affected ‘A little’.
Only 40 per cent of businesses now report not being affected ‘at all’ by COVID-19 coronavirus, down from 85 per cent of businesses a month ago.
Coronavirus hits manufacturing, wholesale and recreation & personal industries hard
Several industries have been hit especially hard by the COVID-19 coronavirus.
Over 70 per cent of businesses in manufacturing (78 per cent), wholesale trade (74 per cent), recreation & personal (83 per cent), information media & telecommunications (75 per cent), property & business services (74 per cent ) and transport, postal & warehousing (72 per cent) report being affected to the COVID-19 coronavirus to some degree.
States hit hard led by New South Wales, Victoria & South Australia
At a state based level the biggest impact from COVID-19 coronavirus has been felt in South Australia (68 per cent of businesses report being affected), New South Wales (65 per cent) and Victoria (64 per cent). There were big impacts noted in Tasmania as well on a small sample of businesses interviewed.
Roy Morgan CEO Michele Levine says the COVID-19 coronavirus presents an unprecedented threat to the Australian economy with stock-market falls of around 30 per cent over the last three weeks only one indicator of the trouble facing businesses.
She added: “The Morrison Government has already promised over $20 billion in stimulus to keep the Australian economy moving however that figure will need to be raised many times over to truly protect the Australian economy from a devastating recession the likes of which Australia hasn’t seen this World War II.”