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NAB report says anxiety among businesses is growing

Headshot of Gerard Cockburn
Gerard CockburnNews Corp Australia
Businesses have faced ongoing pressures due to the coronavirus.
Camera IconBusinesses have faced ongoing pressures due to the coronavirus. Credit: News Corp Australia

Four in 10 small business owners are highly anxious about future operating conditions, especially due to COVID-19, a survey has revealed.

The report, which surveyed 750 businesses across Australia, also found one in three were feeling lonely or isolated, and one in five respondents were not coping well under current operating conditions.

NAB small business executive Ana Marinakovic said the results of the survey had prompted the bank to implement greater non-financial support measures to ensure entrepreneurs has access to a slew of resources while pressures continued to mount during the recession.

“Particularly in this small business segment, there is this continuous worry around the need to change and pivot in order to survive,” Ms Marinakovic said.

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According to Ms Marinakovic, NAB has had more than 220,000 conversations with small businesses since the start of the pandemic regarding loan and financial restructuring.

NAB behavioural economist Dean Pearson said the onset of the coronavirus pandemic had caused many firms to radically change operating strategies, particularly in the realm of e-commerce.

Mr Pearson said the acceleration of tax cuts would support discretionary spending moving forward; however, he noted firms remained wary about ongoing demand.

“The biggest single concern for businesses when you press them about the economy is consumer demand and spend,” Mr Pearson said.

“That is the aspect which needs to be supported going forward.”

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