The Covid-19 pandemic may not be over, but we’re already starting to see signs that businesses across Australia are recovering from the effects of the pandemic so far.
While some smaller businesses have, unfortunately, suffered a great deal under the restrictions that have been introduced around the world, on the whole, Australian business has proved to be resilient in the face of unprecedented challenges.
How has Australian business fared so far?
Despite months of restrictions to trading, Australian business is showing signs of recovery already. Some sectors of industry, in particular, have even grown during the pandemic, most notably supermarkets, digital services, electronics, and retailers with a strong presence online. Many businesses whose operations are primarily digital, including those specialising in cyber security and online learning, have been boosted by the pandemic. Much of the resilience we can see in Australian business has been shored up by the government’s JobKeeper scheme.
In a recent survey conducted by the Australian Chamber of Commerce and Industry and the University of South Australia, 40% of all Australian business owners indicated that they will be hiring new staff in the next 12 months, and 42% of business owners said they would hire new staff specifically for roles in digital marketing, content management, and eCommerce. This is the first sign that the pandemic has had a lasting impact on the way Australian businesses approach their digital transformation.
Has the pandemic had a positive impact on business in Australia?
In the survey, Australian business owners have revealed that the pandemic has permanently affected the way they operate their businesses – for the better. The report reveals that:
- 35% of businesses have brought forward eCommerce integration due to trading restrictions introduced during the pandemic
- 39% of businesses said they intend to diversify supply chains within the next 12 months
While the speed at which businesses have had to adapt during the pandemic has not made it easy, in the long term many businesses could benefit from the changes they’ve been pushed to make.
How has the pandemic changed the Australian economy?
It’s far too early to identify all of the long-lasting effects that the pandemic will have on the Australian economy, but it’s already possible to see new trends emerging that have been affected by restrictions. For example, hospitality businesses that specialise in at-home catering; domestic travel businesses; and businesses that offer support services to SMEs. All of these sectors are outperforming expectations.
With the future looking bright, Australian business owners can be optimistic. It’s important to learn from the difficulties we faced during the pandemic – especially those introduced within the supply chain – and shore up defences that mitigate these risks in the future. At the moment, most Australian businesses should be poised for growth – and it’s well deserved after the past two years of struggles.
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