Majority of Victoria’s closed small businesses plan a comeback

New insights from Westpac suggest the majority of Victorian small businesses are confident of recovery.

Victorian small businesses seem poised for recovery after the state’s debilitating second wave, with new data from Westpac suggesting 64 per cent of the state’s closed businesses are confident of reopening.

Updated closure figures are also lower, indicating a stabilising small business landscape. While 34 per cent of all Victorian businesses closed during the peak crisis in early September, by late October, that figure was down to 11 per cent.

The impact of prolonged lockdown on Victorian communities, workplaces, individuals and businesses has been profound. As a major employer of Australians, the small business sector has an essential part to play in the state and nation’s recovery.

“Victorians in small business have shown incredible resilience in getting through the pandemic and making the move to reopen safely,” said the Victorian Small Business Commissioner Judy O’Connell.

“We’re here to support them in any way that we can.”

MORE: Lifeline for Melbourne’s hospitality sector

Lockdown restrictions in Melbourne were lifted on October 28, a welcome lifeline for the city’s heavily impacted hospitality industry and other embattled small businesses. Picture: Getty Images

Sector backing from corporate Australia is centred on seeding a robust national future.

As part of its extensive SME assistance program, Westpac has invested $100 million as a founding member of the Government and Industry’s Australian Business Growth Fund and supported over 100,000 merchant customers by waiving fees to the value of $15.9 million. The bank’s ‘Help for your business’ hub includes tips for managing cash flow and allowing for rolling JobKeeper changes.

The Victorian Chamber of Commerce and Industry Chief Executive Paul Guerra says its goal is unchanged: making Victoria Australia’s best place to do business.

“We were once the driver of the Australian economy (and) we can be that again,” Mr Guerra said.

“We must set our sights (on) being a global leader in several segments over the next decade. We must be better than we were 10 months ago and we embrace a bold vision to create the next Victoria as our legacy of COVID-19.”

Victorian Chamber of Commerce and Industry chief executive Paul Guerra had COVID-19 and has now recovered – he has the same plan for Victorian business. Picture: Mark Stewart.

Find small business tips at Westpac’s ‘Help for your business’ hub.

MORE NEWS

5-step recovery road map for small businesses

Recovery plan for Melbourne CBD small business