Businesses gone for a downward spiral
The pandemic has caused a great havoc in the lives of everyone especially students, IT corporations, businesses, small businesses.
According to a report the largest dive in the Australian economy was a total of 12.1% in the household spending which accounted for a 7% fall in business and industry. With the continuing struggle of having the business premises shut, shifting the workplace from offices to homes, relocating the staff to their respective homes, the harsh reality of mass layoffs and experimenting new and creative ways of working from home, businesses are facing continuous struggles.
Businesses are facing struggles mainly because of the considerable reduction in the cash flow and also the transport of raw materials and goods and services. This is one of the major reason of lay off and reducing overall staff working hours. As per overall surveys conducted, since the onset of pandemic, 30% of the businesses have reduced the staff numbers, compared to the 17% in the previous years. More than 50% businesses have reported to have been affected in ‘a great deal’ by the Covid-19 pandemic.
The business sectors that largely got affected to ‘a great deal’ were health care and social assistance services, accommodations and food services. Currently even the manufacturing, construction, scientific, professional and technical services are facing great struggles as well.
Due to the second wave of Covid-19, few businesses are seen to be going back to the lockdown while few are still reopening.