New survey shows COVID-19 impact on industries

New survey shows COVID-19 impact on industries

23 April 2020

MyBusiness, in partnership with Momentum Intelligence, has unveiled the results from its first COVID-19 Business Confidence Survey.

Over 50 per cent of all businesses said they have already seen negative impacts on their revenue to date, while 66 per cent said they expected revenue to decrease over the next three months

Over 50 per cent of all businesses said they have already seen negative impacts on their revenue to date, while 66 per cent said they expected revenue to decrease over the next three months

The ongoing coronavirus pandemic and the associated social distancing rules have drastically impacted the Australian economy. 

To understand the impact of the virus on specific industries, MyBusiness commissioned leading research business Momentum Intelligence to undertake an ongoing survey of a cross-section of Australian business owners and employees.

The COVID-19 Business Confidence Survey encouraged participants across a range of Momentum Media’s professional services brands (accounting, aviation, defence, financial services, law, mortgage and finance broking, and real estate) to take part in an online questionnaire between 2 April-22 April.

A total of 6,740 responses were received, and the results have been evenly weighted across each industry.

“The dynamic COVID-19 Business Confidence Survey serves as a barometer of how businesses, and working Australians, are adapting to the changed working and social environment throughout the COVID-19 pandemic,” said Michael Johnson, head of strategy at Momentum Intelligence.

“This will enable us to map attitudes, confidence and business activities as they evolve by market sectors revealing which industries and professions are adapting most effectively to the ‘new normal’.”

Across all industries surveyed, over 50 per cent of all businesses said they have already seen negative impacts on their revenue to date, while 66 per cent said they expected revenue to decrease over the next three months. 

Those that had already seen revenue take a hit were much more likely to say that they expected this trend to continue, with 88 per cent of those already affected expecting it to continue until the end of the financial year.

Given the ban on travel and actions, it is perhaps unsurprising that the aviation and real estate industries were found to be the worst affected sectors – with 60 per cent of respondents indicating that their revenue has decreased and will decrease further.

Business owners in the accounting space were identified as the industry seeing the least amount of revenue disruption, with 40 per cent saying their revenue had been impacted by COVID-19.

The survey also asked respondents to rate the government’s response to the pandemic.

The results found 73.96 per cent of business owners stated they were satisfied with the response, while 16.10 per cent identified as being neutral and 9.94 per cent said they were dissatisfied. 

Similarly, 74.31 per cent of employee respondents across the board said they were satisfied with the government’s response, 17.32 per cent said they were neutral and 8.37 per cent said they were dissatisfied.

The industry recording the highest level of satisfaction with the government’s response to COVID-19 was the defence industry, with 83 per cent of business owners and 79 per cent of employees selecting that they were satisfied.

To see the full results of the survey, click here.