Chief Executive of the Small Business Association of Australia Anne Nalder said small businesses faced with closure especially should not hesitate in executing a survival plan.
She suggested:
* If you have a bank loan talk to your banker and seek assistance under the bank’s Hardship Provision.
* If you have a tax debt, call the Australian Taxation Office on 13 72 26 to defer or have a payment plan.
* Your telecommunications and energy providers can also defer payments.
*Talk to your suppliers. The main thing is to keep in touch with everyone you owe money to keep good faith and trust.
* If you have a tax debt, call the Australian Taxation Office on 13 72 26 to defer or have a payment plan.
* Your telecommunications and energy providers can also defer payments.
*Talk to your suppliers. The main thing is to keep in touch with everyone you owe money to keep good faith and trust.
Click on https://smallbusinessassociation.com.au/ or call SBAA on 1300 413 915.
The industries that are being struck the greatest, with the pandemic on top of the horrific bushfires and prolonged drought, were tourism and hospitality, but the education sector was also suffering.
"Beyond the two weeks a small business can go without customers, it will eventually cost the economy millions, if not billions of dollars and that is an economic fall out after the ongoing drought, bushfires, and now coronavirus,” Ms Nalder explained.
Fall out effect
"The effect of this fall out can result in a domino effect including the closure of the business, staff being made redundant, the supply chain affected, and creditors being left out of pocket. Our economy has been very soft with many shops closing up, and that's not a sign of a good economy."
Ms Nalder said Chinese-Australians whose small businesses are feeling the pinch were anxious over customers’ phobia of the coronavirus spread and some feared it could fuel racism.
The education sector also was suffering because to the coronavirus preventing the return of many Chinese students.
Professor Salvatore Babones of the Centre for Independent Studies (CIS) forewarned that Australia's reliance on education export to China is likely to cost at least $2.8B.
Overall revenue losses for the export industry affected by the coronavirus epidemic are between $8B and $12B due to the ban on travels into Australia.
“I don’t think the agriculture and mining industries will be severely affected and I hope this is only a temporary economic disruption,” Professor Babones said.
“But the tourism industry and education sector that is largely dependent on Chinese students will be affected in the long term. Those businesses providing accommodation to thousands of Chinese students here, small shops and food industry will be heavily impacted by the coronavirus.”
Professor Babones said Australia’s top eight universities were reliant on foreign students, especially from China.
His research has shown that a staggering 37.3 percent of overseas students in Australia come from China.
If the coronavirus epidemic continues to be a threat, Ms Nalder said, it will result in a huge drawback for the education service export which could be long-term because these students may seek education elsewhere.
