Data released by the Australian Bureau of Statistics (ABS) today shows that small and medium-sized businesses are bearing the brunt of the economic crisis caused by the second wave of COVID-19.
According to the ABS’s latest payroll jobs and total wages data, businesses with under 200 employees in Victoria have lost jobs at over three times the rate of businesses that employ over 200 people.
Since the pandemic began in March, payroll jobs in small businesses that employ under 20 people have fallen by 9.4 per cent and in businesses that employ between 20 and 199 people by 9.3 per cent, while large businesses that employ over 200 people have only seen a 2.7 per cent reduction in payroll jobs.
Overall, Victoria’s payroll jobs have fallen by 6 per cent since March, which is the highest fall of any state, mainly due to the second wave caused by Labor’s bungled hotel quarantine program and inadequate contact tracing.
Total wages in Victoria over the same period have fallen by 4.8 per cent, which is higher than the national total of 4.3 per cent.
Comments attributable to Shadow Treasurer, Louise Staley:
“Today’s data from the ABS confirms that Daniel Andrews and Labor have turned their back on small and medium businesses.
“Small business is the heart of our economy. These figures show that many small businesses like the ones in hospitality, entertainment, trades, and services, are really suffering.
“Among businesses with under 200 employees, almost one in every 10 jobs has been lost during this pandemic.
“Despite this, we have seen no plan from Daniel Andrews and Labor to get these businesses going again.
“These businesses desperately need a real plan to get them back to work and back in business.”