3 in 5 businesses seek external advice in response to COVID-19

Australian businesses are turning to external advisers to help them navigate COVID-19 uncertainties, ABS data has revealed, with 60 per cent of businesses surveyed admitting they have sought outside advice over the past several months.  

“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),” said ABS head of industry statistics, John Shepherd.

Commonly sought advice included available government support measures (52 per cent); regulation and compliance (45 per cent); health and safety (39 per cent); and management of business finances (32 per cent).

The ABS also revealed that three in four businesses continue to trade with modifications, with a majority introducing new protocols to ensure COVID safety.

"Almost two-thirds (65 per cent) of all business have introduced new hygiene protocols and practices, and 57 per cent have made changes to meet physical distancing requirements,” Mr Shepherd said. 

Moreover, the release included information about how business revenue has changed, with two-thirds of businesses admitting they have seen a decrease compared with last year. Of those businesses, more than three in every 10 estimated that revenue had fallen by more than 50 per cent. 

According to ABS's findings, 87 per cent of education and training businesses reported decreased income, as did 84 per cent of accommodation and food services businesses; 80 per cent of information, media and telecommunications businesses; 78 per cent of arts and recreation services businesses; and 78 per cent of administrative and support services businesses.

Less than one in 10 of all businesses (8 per cent) reported that revenue had increased compared with the same time last year.