Covid’s Impact: Which Aussie Industries Are Hit Hardest?

Covid’s Impact: Which Aussie Industries Are Hit Hardest?

 

Image Source: WOM

The Covid-19 pandemic has impacted every person and every business in Australia in one way or another. Whether through supply chain interruptions, store closures or cancelled events, workplaces across the country, and the globe, have had their day to day operations turned upside down. But which industries have been the hardest hit? We’ll look at the Australian industries that have suffered the most hardship during the ongoing Covid-19 pandemic.

Which industries were hardest hit by the pandemic?

Highest Australian Jobs Lost

#1. Accommodation and Food Services

Between lockdowns, border closures and banned international travel the hospitality industry has taken a huge hit.

Australians have been unable to dine out in the numbers they once did, with periods between lockdowns marked with capacity restrictions. While many restaurants started take away and home delivery initiatives the food industry has still been undeniably hurt by the pandemic.

Accommodation and food services saw wage falls of 13% from March to October 2020.

#2. Arts and Recreation

With venues shut down, concerts cancelled and international travel banned the arts and recreation industry has been profoundly affected by the Covid-19 pandemic. With Australia’s border closures some of the toughest in the world, global musicians, entertainers and sports people haven’t been able to enter the country since 20th March 2020. Even domestic performers have had their careers put on hold by venue closures and widespread cancellations. The industry saw 7.9% wage losses in the period from March to October 2020.

#3. Information Media and Telecommunications

Information media and telecommunications accounts for around 1.4% of the Australian workforce, or around 178,5000 people. Journalists, film and television producers, performing arts technicians, librarians and telecom workers saw wage losses of 3.1% from March to October 2020.

87000 Australian Jobs Lost

By May 2020, just two months into the pandemic, over a quarter of a million people had lost their jobs as a direct result of Covid-19. Job vacancies fell to a staggering 43% below their pre-pandemic levels from February 2020.

72% Australian Businesses Lost Revenue

Which industries have done well out of Covid-19?

There’s no denying the pandemic has been difficult for most businesses with 73% of Australian businesses reporting a loss in revenue due to Covid-19. But there are some businesses that have thrived during the pandemic.

IT and office suppliers — with many workplaces suddenly forced to work from home, IT solutions were in high demand. Hardware like screens and headsets were some of the most-bought items along with office equipment like chairs, desks and monitors.

Cycling, golf and other outdoor activities — one of the few activities allowed during lockdowns was cycling, which saw bike shops flooded with orders. Golf supplies were also in high demand as this activity was classed as exercise under appropriate social distancing conditions.

Education — with 870,000 Australians finding themselves out of a job and countless others working fewer hours than before, the demand for online education and courses spiked.

Ecommerce — as shopping centres were closed and with many of them becoming Covid exposure sites Australians increasingly turned to online shopping. In fact, 1.36 million Australian households made their first ever online purchase in 2020.

Working with Covid-19

As we adjust to the new normal businesses will adapt to Covid-19 and the way we work will perhaps be changed forever, with working from home more popular and more attainable than ever before. Cloud based management systems and other remote working technologies will undoubtedly help drive workplaces of the future regardless of how the pandemic plays out.