The Australian Bureau of Statistics has revealed that 42% of Australian businesses are currently accessing government support measures.
In its latest Business Impacts of COVID-19 release, the ABS reported that 53% of medium businesses, 42% of small businesses and 38% of large businesses are accessing support.
ABS director of technology, innovation and business characteristics statistics Sue-Ellen Luke said that businesses indicated that investment plans would be the first to be reconsidered when the support ends.
"Businesses were asked how they expect to respond when these measures are no longer available.
"The most likely actions reported were to defer or cancel investment plans (16%), change quantity of orders (14%) or reduce the size of their workforce (13%).
"One in ten businesses (10 per cent) reported that if support measures were no longer available, they would expect to close the business," she said.
Source: ABS Business Indicators, Business Impacts of COVID-19, July 2020
Interestingly, the ABS also found that one of the challenges employing businesses are facing during this time is filling job vacancies, despite the latest labour force stats indicating that 992,300 people were unemployed in June 2020.
19% of medium businesses were having the most difficult time filling vacancies, compared to 11% of small businesses.
Meanwhile, 88% of businesses reported that they were not meeting staffing levels with their existing employees.
"All employing businesses were asked if they had experienced difficulties negotiating work arrangements with employees in relation to hours, rates of pay, changes in duties and work location," the ABS said.
"Approximately three in ten employing businesses (31%) reported they had experienced one or more issues in negotiating work arrangements with employees."
Source: ABS Business Indicators, Business Impacts of COVID-19, July 2020