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Study finds Gold Coast businesses hurting more

Posted on 18 May 2020
The Gold Coast economy is among the worst hit in the state with businesses in the region reporting massive declines in revenue because of the COVID-19 crisis.

These are the findings of the first ever Gold Coast Pulse Survey Report, which is a joint initiative between CCIQ and Gold Coast Chambers of Commerce, and is produced as part of CCIQ's Queensland Pulse Survey Report.

Gold Coast Central Chamber of Commerce President Martin Hall said the Gold Coast economy had a significant reliance on service-related industries, the most valuable of which includes tourism, construction, and retail trade.

"Businesses across the Gold Coast region have been particularly impacted because of the strong linkage between service-based industries and tourism,'' said Mr Hall.

"With there still being little said about when 'non-essential' businesses can return to normal, small and medium-sized enterprises (SMEs) are pessimistic about the future performance of the state and national economy."

Three quarters (75%) of the business owners and operators surveyed reported weaker turnover during the March quarter. Only 11 per cent of businesses experienced stronger sales and revenues.

The study found an overwhelming number of companies (88%) anticipated further downturns as the impact from the pandemic continued.

Other findings included:

  • More than one half of respondents experienced a fall in turnover of more than 50%
  • One third reported a fall in turnover greater than 80%
  • 4 in 10 businesses maintained only essential operations and staff
  • 3 in 10 businesses encouraged their employees to work from home
  • One quarter of the businesses adopted alternative working arrangements
  • 4 in 10 businesses reduced their working hours
  • One quarter of the businesses laid off their casual workers
  • 20% of businesses asked their employees to take leave

 

To download the State report and the Gold Coast report, click the links below

 

Tags: GCCCC

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