- Sunnier economic forecasts for Victoria with eased restrictions
- $3 billion stimulus package for Victoria
- New normal for COVID consumer behaviour even after lockdown -increased eCommerce spending
- $19.2 million committed by the federal government to boost businesses’ adaptation to digital
- Success with Queensland’s digital adaptation grant – 4.7% growth in Queensland’s retail trade
- Eased restrictions linked to NSW’s ~7% growth in the employment rate
Victoria’s Sunny Forecast
You could argue that Melbourne’s weather might prepare Victoria to be the most well-equipped to handle unpredictable forecasts. Maybe that’s a stretch. What we are seeing are sunnier economic forecasts with the newest release of government stimulus across sectors and regions.
In early September, Victoria released the news of its $3 billion stimulus package.
Only a few days later, restrictions were eased across regional and metropolitan Victoria.
As Victorians get to enjoy eased restrictions, we’re seeing more movement of cash flow for small businesses.
The road to COVID recovery is unforeseen territory. Increased online shopping, awareness of health products, and “essential-only” spending are just some of the behaviours affected by COVID and lockdowns. The question is how to create more demand and the answer, according to the Australian Government, is digital.
Australia’s Digital Demand
There’s no doubt 2020 has been a year of surprises. One thing is for certain and that is digital is the new normal.
The federal government has just announced a $19.2 million expansion to help businesses increase their digital capability.
Did you know that over 31% of Australian businesses have fortified their operations with an increased digital presence in 2020?
Queensland and New South Wales’ Adaptation To Eased Restrictions
The extension of Queensland’s ‘bubble’ from 1 October to include areas of northern NSW is forecast to stimulate the economy.
In Queensland, the Small Business COVID-19 Adaptation Grant awarded $10,000 to small businesses, freezes on payroll taxes, and an electricity rebate for small businesses.
We’ve seen the effectiveness of the Queensland Adaptation grant first hand. It has been used by clients looking to expand their business or diversify their operations with new digital marketing campaigns and eCommerce capabilities.
To put numbers to the effectiveness of the grant, retail trade in Queensland has grown by 4.7% since 2019, outperforming all other states. Overall the Sunshine State’s economy is growing 2.4% faster than Australia.
In NSW, eased restrictions means increased economic activity, especially with the growth in employment rising to nearly 7% in August 2020.
Across the nation, digital capabilities are enabling resilience through uncertain times. Things are really looking up for Victoria with much needed economic stimulus and eased restrictions. There’s no such thing as normal after 2020 and consumers are behaving differently. E-Commerce is integral to understanding them and boosting new business channels. That’s why the federal government has committed $19.2 million to boost businesses’ digital adaptability. It’s also why 31% of businesses have already increased their digital presence. The economic impact of Queensland and New South Wales’ eased restrictions in pushing up growth in retail trade and employment.
Since 2007, we’ve been helping businesses unleash their digital potential. Now, it’s more important than ever. Want a digital strategy that delivers high-quality leads? We’re here to help. Get in touch with the team today!