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Businesses turning over between $1-$5 million hammered by virus

March 18, 2020 Headline News No Comments Email Email

In mid-March over 60% of Australian businesses report being affected by the COVID-19 coronavirus, up a massive 45% 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% of businesses report being affected ‘A great deal’ by COVID-19 coronavirus (up 15% points from a month ago), 31% have been ‘somewhat’ affected (up 23% points) and a further 12% (up 7% points) have been affected ‘A little’.

Only 40% of businesses now report not being affected ‘at all’ by COVID-19 coronavirus, down from 85% 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% of businesses in Manufacturing (78%), Wholesale trade (74%), Recreation & Personal (83%), Information Media & Telecommunications (75%), Property & Business Services (74%) and Transport, Postal & Warehousing (72%) 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% of businesses report being affected), New South Wales (65%) and Victoria (64%). There were big impacts noted in Tasmania as well on a small sample of businesses interviewed.

Over 70% of Small, Medium & Large Businesses affected by COVID-19 coronavirus

Analysing businesses on the annual level of turnover shows huge majority of larger businesses have been affected by the COVID-19 coronavirus.

A super majority of 81% of ‘Small Businesses’ with an annual turnover of between $1-$5 million report being affected by COVID-19 coronavirus – higher than businesses of any other size.

This compares to 73% of ‘Large Businesses’ with an annual turnover of $50 million or above and 71% of ‘Medium Businesses’ with an annual turnover of between $5-$50 million.

The least affected are the ‘Micro Businesses’ with an annual turnover of less than $1 million. Even so, a majority of 58% of these micro businesses report being affected by the COVID-19 coronavirus.

Roy Morgan Chief Executive Officer Michele Levine says the COVID-19 coronavirus presents an unprecedented threat to the Australian economy with stock-market falls of around 30% over the last three weeks only one indicator of the trouble facing businesses:

“Over 60% of Australian businesses are now reporting being affected by the COVID-19 coronavirus to at least some extent. This is up a massive 45% points since Roy Morgan last asked this question a month ago in mid-February.

“Just under a fifth of businesses (17%) report being affected ‘A great deal’ while nearly a third (31%) say they have been ‘somewhat’ affected. A further 12% report being affected ‘A little’.

“These numbers are even more alarming for particular industries including Manufacturing, Wholesale trade, Recreation & Personal, Information, Media & Telecommunications, Property & Business Services and Transport, Postal & Warehousing. Over 70% of businesses in these industries report being affected by COVID-19 coronavirus.

“When it comes to turnover over 70% of businesses with a turnover of at least $1 million report being affected by the COVID-19 coronavirus – dealing a devastating blow to an economy just starting to recover from the widespread summer bushfires.

“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.”

Source: Roy Morgan Special Snap SMS Poll of Australian businesses in Feb. 2020, n=1,170, March 2020, n=1,148. Base: Australian businesses.

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