According to a weekly business survey conducted by the Australian Bureau of Statistics (ABS), 72% of businesses surveyed reported that reduced cash flow is expected to have an adverse impact on business over the next two months.
Additional findings
61% businesses had registered or intended to register for the Jobkeeper payment scheme.
Reduced demand for goods and services was expected to impact about seven in ten businesses (69%) over the next two months.
41% expect a reduced ability to pay operating expenses.
The survey, basically, assesses the information on the prevalence and nature of impacts from COVID-19 on businesses operating in Australia.
AUD/USD undermined by trade war
AUD/USD is off the lows but remains heavy below 0.6400 amid escalating US-China trade tensions over the latter’s mis-handling of the coronavirus outbreak. At the press time, the aussie trades at 0.6387, down 0.45% on the day.
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