REPORT DOWNLOAD: Official COVID-19 impact on Cairns SMEs

Queensland businesses decimated by COVID-19 Economic Crisis

The results from the latest CCIQ Suncorp Pulse Survey for the March Quarter are in. You've told us that business confidence and conditions throughout Queensland are now at their lowest levels ever recorded, for the third consecutive quarter. If you're feeling things are tough in your business, you're not alone.  The 12-month outlook for the state and national economies collapsed to historic lows as closure measures across the state led to significant declines in the bottom lines of businesses. Operating conditions, turnover, employment levels and business investment measures all plummeted to their lowest levels on record during the quarter.  Statewide key results included:

  • Nine in every ten Queensland businesses expect the Queensland and Australian economies to further weaken over the next twelve months;

  • Seven in every ten businesses recorded a decline in their total sales revenue. More than one-half of the respondents indicated a fall in turnover of over 50 per cent for the March quarter and one third reported a fall greater than 80 per cent;

  • Seven in every ten businesses recorded a decrease in their profitability;

  • Almost four in ten businesses reported that they are maintaining only essential operations and staff; and

  • Four in ten businesses reported reducing working hours, one quarter laid their casual workers off while 20 per cent asked their employees to take leave

Access Onlilne Pulse Reports Here


© 2020 - Ignite Far North Queensland Limited

Ignite FNQ Limited


Phone:  0407 612 352

  • LinkedIn Social Icon