Coronavirus hit almost half of Australian businesses even before social distancing, ABS reveals
ABCAlmost half of Australian businesses surveyed by the Australian Bureau of Statistics say they have experienced an adverse impact as a result of COVID-19. The ABS said the adverse impacts were most prevalent in accommodation and food services, with over three-quarters of businesses already reporting impacts and 96 per cent reporting that they expected impacts in coming months. The ABS said this lower-than-usual response rate may be related to whether businesses are adversely impacted by COVID-19, including businesses that have shut down and therefore may not have responded to the survey. Sharp rise in unemployment could trigger house price crash The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, says one economist. "During an economic downturn, reducing hours is often an early response taken by businesses, often with the view to avoiding people losing their jobs," the ABS said in a statement.
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