The results are in for the South Australian Business Chamber-William Buck Survey of Business Expectations (SOBE) for the March quarter. This special edition provides meaningful insights into how SA businesses are coping with the negative impact of the crisis.
The South Australian Business Chamber will use these important findings to inform Federal and State Governments on future support measures used to aid South Australia’s business community in its recovery.
The results indicate a steep decline in business confidence for South Australia, dropping 44.1 points from 85.1 to 41 for the March quarter. South Australia’s current business conditions also nose-dived by 30.5 points to 66.8 points. Notably, more than 70 per cent of SA businesses surveyed saw a 30 per cent decrease in revenue as a result of COVID-19 restrictions.
This has resulted in heightened anxiety for business owners regarding the long-term viability of their business operations. Many are now uncertain on whether their operations will be able to withstand the widespread disruption to the State’s economy. Businesses who have been hit hardest are those in hospitality and retail sectors, with more than 50 per cent doubting whether they can survive an additional three months of restrictions.
These results will undoubtedly shake South Australia’s economy however, a shining light is the adaptability and sheer resilience South Australians have shown in the face of this crisis.
The South Australian Business Chamber will continue to advocate on behalf of local businesses across the State to ensure appropriate support is provided by governments at all levels.
