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There were substantial differences across the states and territories. Just 14 per cent of businesses in non-lockdown states rated their financial performance poor over the past three months, compared to 41 per cent in NSW and 30 per cent in Victoria. One stress had been accessing credit. Half of NSW sole traders reported they had difficulties accessing credit or a loan compared to 27 per cent in other states.
Treasurer Josh Frydenberg is warning the hit to GDP in the September quarter could be at least 3 per cent.Treasurer Josh Frydenberg had been warning of a 2 per cent hit to GDP in the quarter, but on Wednesday said the contraction would likely be larger.“In terms of direct fiscal support that we have been providing to households and businesses over the course of these lockdowns, it’s been more than one and a half billion dollars a week,” he said.
Why would you limit this to sole traders?
Understandable and some have closed up 😢 so tragic
Is this a surprise - just have to compare the treatment by the state and federal governments of sole traders, as opposed to multi billion dollar corporations handsomely funded through lockdowns despite generally elevated profitability.
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