SME Sales Index
SMEs account for the majority of employment in Australia and have been part of the business community hardest hit by COVID-19. This index aims to provide deeper insights into the financial and operating performance of SMEs through the COVID period and into the new economic environment.
SME Sales Index
- SMEs, more than any other segment of the Australian business economy, felt the impacts of the government policy responses to COVID-19.
- However, there is evidence of a “levelling out” towards the end of April and a turnaround in some SME sectors, as Government provided further clarity around restrictions and the first phase of the promised financial assistance became a reality.
- With restrictions starting to lift around the country, it is expected that many SMEs may have hit the bottom in their sales and will see an uplift in in the coming months.
SME Sales Index by Industry
- Looking at specific industry sales data for major sectors, it is clear that all areas of the economy have been impacted by this crisis, but the impact has not been uniform. As expected, hotels and restaurants have been significantly more affected than sectors such as transport and construction.
- Industries that are leveraged to the uptick in non-discretionary consumption, (i.e. groceries, non discretionary food and wholesale transport) have remained steady with some pockets experiencing an upswing in sales.
- The fitness sector experienced some of the strictest restrictions at the onset of COVID, with many businesses going into a forced hibernation. This is reflected, with the fitness sector suffering the largest declines of any sector in the index.
- Overall, the declines across sectors appear to have bottomed out or flattened with some industries starting to see the early signs of recovery.
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