In the last week of August 2020, the Victorian Chamber (VCCI) launched the Economic Restart and Recovery Survey to reveal what the business community considered to be the most important issues that needed to be addressed to give businesses the best chance of successfully restarting.

Members were sent a series of questions and asked to provide a rating out of 10 for the importance of that issue to them. 

Once invitations were sent, the Victorian Chamber was inundated with feedback from members. In just a couple of days, more than 500 submissions were received, each providing valuable feedback. 

Based on this information and prior conversations with members, the Victorian Chamber has already briefed the Government on what local businesses need. These responses will play an integral role in the Government’s Industry Restart Roadmap, which will be announced on 6 September. 

To view all the results of the survey, use the interactive infographic below.

Certainty in the future 

Uncertainty has plagued the business community since the start of the COVID-19 pandemic, with businesses wondering how they will function, whether they will retain customers and how to manage staff in an unprecedented pandemic. Sadly, too many have had to ask the tough questions as to whether they can stay open.

It is with little surprise that one of the key findings of the Chamber’s Economic Restart and Recovery Survey is that businesses want certainty about the future and industry restrictions. With an average score nearing 8.5 across all industries, the need for a clear plan for reopening, restarting and recovery is paramount. Therefore, the Government’s Industry Restart Roadmap due to be announced on Sunday 6 September, has been welcomed by the business community and a positive first step on the road to recovery.  

Survey respondents also acknowledged (with a score close to 9), that returning to Stage 4 restrictions if another outbreak was to occur would not be viable for Victoria’s economy. If this approach were to continue, it would result in an escalation of uncertainty, an exodus of investment in Victorian businesses and the end of many more businesses. 

Despite the desire to return to a state of normality and reduced uncertainty, businesses and workers do not want Victoria’s restart and recovery plan aimed at returning to a pre-COVID operating environment. Not only is this extremely unlikely, the COVID-19 pandemic has provided an opportunity for Victoria to become a smarter, more productive and competitive economy through innovation. 

One of the biggest adjustments many businesses have made is the transition to a working-from-home environment. Despite this drastic change in operations for so many businesses, most are adapting well and this issue received one of the lowest levels of concern across members surveyed (scoring close to 5).   

Industry-specific findings 

Two of the highest-scoring areas of concern for Victorian businesses, in particular the manufacturing, construction and retail sectors, was the need to reduce red tape (scoring 7.5) and reduce taxes imposed on businesses (scoring near 8). Many of these businesses have had their revenue drastically cut yet are still facing mounting bills. 

As businesses anticipate a recovery into the new year, hope is swelling that balance sheets can be restored. While government assistance grants have kept many businesses afloat so far, members are clear that further support is going to be needed to ensure stability and longevity.  

Looking forward, the construction sector is now calling for certainty on government investment, more opportunities to tender for local and state government contracts and an expedition of planning approvals.   

The arts and recreational services (scoring 8.5), accommodation and food services (scoring over 8) sectors have also been identified as areas where the introduction of virus control measures are vital in order for business to flourish.  

Meanwhile, the retail sector is seeking support for product promotion and awareness through the ‘shop local campaign’ and urging customers to practice social distancing and mask wearing when restrictions begin to ease. In the same spirit, the hospitality sector has called for more manageable social distancing requirements following Stage 4 restrictions. 

Help and support 

If you or your business are in need of support, find out more about the resources available to you and visit the COVID-19 Resources page of the VCCI website.   

For more information on our HSW consulting, training and other support services, please contact us on 03 8662 5333 or hsw@victorianchamber.com.au to discuss your needs.