The Wave 22 results for the COVID-19 Weekly Business Sentiment Tracker published by ACA Research in partnership with TEG Insights has been released.
According to the report “SMEs continue on the road to recovery as we approach the end of a traumatic 2020. Revenue and profit continue to rebound and 45% of SMEs now expect to return to pre-COVID revenues by the end of December.”
ACA Research, Managing Director, James Organ said: “With easing restrictions and Christmas drawing closer, confidence regarding the economic recovery in Australia continues to improve. Despite weaker jobs data and the difficulty in recruiting suitable candidates, it is very positive to see a reduced dependency on Government initiated support measures.
However, the Government will need to act quickly to address the employment bottlenecks that will stall the momentum if SMEs are unable to access the staff required to support a sustained recovery.”
Some of the highlights this week are:
- 58% reporting declining revenues, compared to 63% in the previous wave
- Only 26% of SMEs are now claiming JobKeeper
- 16% are currently hiring for new or replacement positions
- 84% of SMEs hiring are finding it difficult to fill roles
Please click on this link for the summary blog or click on this link to access the full report including subgroup analysis by industry sector, size of business and State.
Please note the data is from the week ending 22nd November 2020.
Author: James Organ, ACA Research
