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New figures reveal the pandemic continues to wreak havoc on small business

Jim Wilson
Article image for New figures reveal the pandemic continues to wreak havoc on small business

Small businesses are continuing to close down at a rapid rate with predictions it’s only going to get worse.

The Australian Securities and Investments Commission data compiled by The Daily Telegraph revealed that 92 businesses in New South Wales closed their doors in the month of February alone.

Small Business Ombudsman Kate Carnell says there will be more to come.

“For many of them it’s through no fault of their own,” she told Jim Wilson on 2GB Drive.

“There’s a lot of them that will struggle to make it when all government support dries up.”

JobSeeker, the government subsidy which has been available to eligible businesses since the pandemic began, will end later when it’s predicted the amount of businesses which will be forced to shut down will significantly rise.

“I don’t think there’s any doubt that that’s the case,” she said.

“Certainly the economy has gotten better than any of us has expected.

“The problem is that it’s not all in one place, in fact, one in five businesses there revenue is more than 30 per cent up on what it was 12 months ago.”

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Jim Wilson
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