SME Sales Index

SMEs have been among the hardest hit by COVID-19 as government restrictions, job losses, and consumer confidence have all put downward pressure on sales. GetCapital’s SME Sales Index uses transaction data from a representative sample of small and medium enterprises to get deeper insights into the financial and operating performance of SMEs through the COVID-19 period and into the new economic environment.

Slow but steady progress

  • The SME Sales Index represents a broad spectrum of business sales activity across the country and works to paint a picture of SME health during the COVID-19 pandemic.
  • After heavy falls (~30%+) during the early stages of the pandemic, the index seems to be leveling out at ~5-10% below base level. The journey has been bumpy but the index has rebounded strongly as a result of government and private stimulus and EOFY.
  • However, since the start of FY21, the restrictions in Victoria and subsequent impact on industry performance there has had an overall negative effect on sales, weighing down the index.

Signs of a K-shaped recovery

  • The impact, much like the expected recovery, has not been uniform across industries. Data suggests the recovery could be K-shaped with a divergence based on business quality and responsiveness.
  • The EOFY bump was heavily pronounced across Construction, Manufacturing and Wholesale with a subsequent decline quickly following in the new FY for both Manufacturing and Wholesale.
  • The SME Construction sector continues to defy a COVID turndown as it remains ~25%+ up from the end of January, while Manufacturing joins Fitness and Recreation at the other end of the spectrum, at ~40% below the start of the year.

Victoria emerges from second lockdown 

  • Victoria has turned a corner with a sustained improvement in its index. This is a positive development and with the easing of restrictions should hopefully be followed by a strong rebound.
  • The gap between Victoria and the rest of the country has fallen to 5 points after maxing out at ~25 points between August and September.

SME Savings Report


The index is calculated by taking a representative sample of businesses from around the country (varied by size, industry, and location) and looking at their credit transactions across all account types (e.g., transaction, savings, credit card). The index has been baselined to the start of the crisis and uses 6 months of average sales as the dominator. SMEs included in the index have all been in operation for over three years and have average yearly sales of $1.5 million.

Bank Connect

GetCapital uses Bank Connect, a proprietary technology that leverages transaction bank data to facilitate faster credit decisions and make business finance simpler and frictionless for our partners and customers. Bank Connect allows bank statement data to be retrieved in encrypted form, adhering to the highest levels of data protection and security.
Learn more.

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