More than a third of small businesses are expecting that there will be improvements in supply chain as international borders open to help improve product shortages and delays.
For businesses continuing to operate with staff shortages, the research shows there is hope, with a third of small businesses believing open borders will help fill staff vacancies (32 per cent), as well as provide an improved service to existing customers (31 per cent).
This comes as more than 70 per cent of small businesses have had to operate with reduced staff during the omicron outbreak, and over half (56 per cent) citing availability of staff as impacting their business growth.
Westpac managing director business lending, Shane Howell, said that business has been bearing the brunt of a very challenging time and the federal government’s decision to reopen international borders to fully vaccinated travellers from 21 February is a critical and welcome next step.
“Many businesses are finding hope in this decision to re-open our borders and get back to business. Supply chain and staffing issues have been significant in some sectors and regions, and it’s promising to see some optimism return to businesses around these key themes,” Mr Howell said.
Business owners and operators also believe opening the borders will help boost local spend with over a third (37 per cent) believing new customers will be a welcomed impact from reopening the borders and getting foreign travellers and workers back in the country.
