NSW Treasurer Dominic Perrottet joined 3,000 business owners and representatives on the teleconference.
NSW Treasurer Dominic Perrottet joined 3,000 business owners and representatives on the teleconference.

Treasurer hears first hand whether businesses will survive

THREE quarters of the NSW business owners involved in a statewide hook-up with the NSW Treasurer say their enterprises will outlast the Covid-19 crisis.  

A teleconference Town Hall event staged by Business NSW involved Treasurer Dominic Perrottet and 3,000 businesses across the state. 

In a flash poll, majority of business owners confirmed their operations will survive the pandemic despite the state's economy slumping under trading restrictions across many industries.  

Asked whether they believe that their business would survive the current crisis, 72 per cent of respondents answered yes, while another 23 per cent said they were unsure.

Just 5 per cent believed their business would be forced to close.

Retail has been one of the hardest hit sectors.
Retail has been one of the hardest hit sectors.

"These are very high numbers considering the impact the virus and the restrictions have had on businesses of all types and in all locations" Business NSW Regional Manager Kellon Beard said.

"The optimism and 'can do' attitude of business owners and their employees has never surprised me, however, this has been the ultimate test of their endurance and perseverance.

"NSW is the engine room of the national economy and with the swift support of the Federal and State Governments many businesses believe that they will survive, which is great news.

"The Treasurer too was heartened by these figures, and by the grit and resilience being shown by the business operators on the call - their determination to continue operations, paying their staff and supporting their communities was there for all to hear and see," he said.

While restrictions are starting to ease and with the doors of more businesses reopening, it was reportedly made clear that many sectors around the state are not yet out of the woods as they nurse unforeseen downturns and considerable profit losses.  

"Of course, the big challenge for businesses will be in coming months when our way of life slowly starts to return to a new normal and the harsh reality of their true financial position becomes clear after government subsidies end for them and for their customers," Mr Beard said.

"That's why it is so important for everyone to continue to follow the directions of Government health authorities and obey the restrictions in place.

"Business owners fully appreciate that the best way for them to return to normal, or in fact, the new normal, is by flattening, and then wiping out the curve."



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