The financial crisis triggered by the coronavirus pandemic has reached every corner of the Australian economy and is expected to spark a further, significant slide in revenue across several industries, according to a new survey from Momentum Intelligence.
To fully grasp the impact of the virus on our audience, MyBusiness and Momentum Intelligence have teamed up to create an ongoing survey of a cross section of Australian business owners and employees.
The survey, which initially garnered 6,500 responses, revealed that over half of businesses across accounting, aviation, defence, financial services, law, mortgages and real estate have experienced devastating blows to their revenue.
Analysing the data closely across the individual industries sees real estate emerged as the worst hit sector on the back of social distancing measures, which have seen restrictions placed on auctions and open homes — with 67 per cent of businesses reporting a decrease in revenue.
But the industry that has so far managed to fend off any significant impact is accounting, with 36 per cent of businesses reporting their revenue is equal to pre-COVID-19 times.
Despite remaining in the black, accountants, however, face a different sort of burden: mounting client expectations.
While business owners remained mostly optimistic across all industries, with 72 per cent reporting a positive mental health state, a closer look at accountants revealed that one in five is struggling.
Accountants admitted to Momentum Intelligence that the enormity of the job is having increasing demands on their mental health. Not only are they tasked with saving their clients’ livelihoods, but they’re battling their own anxieties.
One accountant said: “Accountants are definitely the frontline for small-business government stimulus. No consideration is being placed on this fact.”
The survey has yielded other remarkable findings, including an overall support for the government's stimulus measures.
According to the data, 74 per cent of all business owners are satisfied with how the government has responded.
Breaking this down across the industries, the highest satisfaction rates were seen in financial services and defence (79 per cent each), while accountants followed closely at 76 per cent.
Looking into the popularity of the individual support measures, cash flow boost for employers emerged as the most popular with over 1,600 business owners admitting they count on this help.
It was followed closely by JobKeeper, with over 1,500 businesses looking into this support mechanism.
For further interesting insights check out our survey below.