Australia: Coronavirus likely to adversely impact business in near-term – ABS Survey

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.