Our Navigator research provides you with valuable insights and opinions from businesses around the world. As part of that research, we asked more than 10,000 business decision-makers across 39 markets, countries and territories to tell us how the current crisis has affected them and changed their plans for the near to mid-term future.
With a record amount of fiscal support and strong exports of resources, Australia has so far fared better during COVID-19 than most developed economies. Consumption and employment still fell sharply, though, and the second wave lockdown in Victoria set national recovery back even as the rest of the country began to spend again. The expected closure of the international border until the second half of 2021 (after which it will open only gradually) is another hurdle to overcome, as it will weigh heavily on migration and services exports such as tourism and education.
Australian companies have struggled more than global counterparts, with twice as many indicating that they are surviving rather than thriving. Despite this, seven in ten aim to increase investment in 2021.
Environmental, social and governance (ESG) issues are also playing a central role in Australia’s economy. More businesses are measuring ESG than in 2019 to improve sales and reduce their own impact on the environment.
Despite difficult international trading conditions, around three-quarters of businesses are positive (albeit fewer than last year). Trade within APAC remains dominant, especially in mainland China, with the US nominated as the key market for expansion. Meanwhile, companies are choosing suppliers based on their governments’ control measures for COVID-19, along with their operational resilience and speed of delivery.
|Adapting to a changing environment||52%||58%|
|Thriving in the new normal||15%||24%|