Cafe and restaurant owners are transforming their venues into neighbourhood grocers to keep cash trickling into their tills during the coronavirus lockdown. Prime Minister Scott Morrison last week ordered the hospitality industry to shut its doors to the public in a bid to contain the spread of the virus. Although the industry was allowed to keep selling food and drinks for takeaway and home delivery, revenue fell off a cliff and venues across the country were forced to axe hundreds of thousands of jobs, with one economist tipping unemployment to reach 17 per cent by Easter.
wo-thirds of Australian businesses have lost turnover as a result of the coronavirus pandemic. Consumer confidence has plunged to levels not seen since the recession of the early 1990s. And the projected rise in unemployment points to a drawn-out recovery. The fluid nature of the crisis makes it difficult for economists and policymakers to offer concrete forecasts. But the ABS is publishing more regular and targeted datasets in an attempt to minimise the uncertainty. The below five charts are taken from its latest COVID-19 business survey and show how the virus has already affected Australian businesses.