Survey Executive Summary
COVID-19 has been in Australia since January 2020.
The impacts on businesses due to the necessity of lockdown, social isolation and government restrictions have impacted negatively on businesses, community organisations and manufacturers. The unprecedented environment meant that businesses and industries had to pivot and respond to the changing environment in order to make their businesses more efficient, productive and sustainable into the future.
Tourism is a major economic driver for the Gold Coast, so the impact of the closure of the Queensland borders, cessation of international flights and the government regulations had an immediate impact on the region.
To assist in understanding the affects COVID-19 has had on Gold Coast businesses, Regional Development Australia Gold Coast recently undertook a survey.
This comprehensive study was undertaken to gain real time insights regarding the impact of COVID-19 on Gold Coast businesses, how businesses are reacting to government support packages, their current situation, and future projections.
Businesses stated the Government programs and stimulus packages have allowed them to continue to operate and maintain staff. Programs such as JobKeeper, Boosting Cash Flow for Employers, Increasing the Instant Asset Write-Off and Payroll Tax Relief were all highlighted as being a key support during COVID-19.
A number of businesses are also taking this opportunity to upskill and reskill staff with several universities and the education sector developing short courses and mircro-credentials to support this upskilling.
As a result of COVID-19, businesses have been forced to immediately review their operating models to remain viable. This includes the potential for business to research and engage with Industry 4.0 applications, creating an environment which supports technology and embraces innovation.
Businesses diversified with a number able to rapidly restructure to produce personal protective equipment (PPE) urgent requirements. Gold Coast businesses are agile and are able to pivot to meet urgent needs. Manufacturers who historically have been reliant on one market to supply product, now recognise the need to diversify their domestic and international suppliers to respond to their future supply needs This is leading to new opportunities for our local domestic supply chains. The versatility of Gold Coast businesses to diversify to keep their businesses afloat and employees in a job has been very encouraging. The impact of Federal and State Government, and to a lesser extent Local Government, assistance has played a major part in the economic survival of most businesses to this point in time.
200 responses were received from Gold Coast businesses:
- 94% of all organisations have initiated remote working practices
- More than half have reduced their in-office staff by over 50%
- 63% of respondents have been working from home since the end of March
- Nearly 1 in 4 has the entirety of their staff working remotely.
Feedback on Federal Government Stimulus Packages:
- Businesses are accessing JobKeeper – 58% (others wanted to but were not eligible)
- Boosting Cash Flow for Employer – 30%
- Temporary Relief for Financially Distressed Businesses – 5%
- Instant Asset Write-Off – 9%
- Backing Business Investment – 1%
- Supporting Apprentices & Trainees – 7%
- Support for Coronavirus-affected regions and communities – 0.5%
- Supporting the Flow of Credit – 5%
