News

Australia’s borders are reopening: Will it bring a spending boost?

Feb 13, 2022 1 min read

With Australia’s borders preparing to reopen to international travellers, research from Westpac has revealed small businesses are expecting a much-needed boost.

Key findings of the research include improvements for small businesses suffering from supply chain issues, with a third of small businesses (34 per cent) expecting opening international borders to help improve product shortages and delays.

Bye bye staff shortages

The Omicron outbreak has seen 70 per cent of businesses across hospitality and retail operating with reduced staff. With international borders reopening, a third of business owners expect this will bring some relief.

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 re-open 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,” Howell said.

Spending set to improve as borders reopen

With an influx of tourist dollars, over a third of businesses are also expecting a spending boost.

Business owners also believe opening the borders will help boost local spend as travellers and workers return to Australia.

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About the author

Cec Busby

Editor

Cec has been telling stories and chasing headlines for more than 25 years. These days, she’s editor of Private Media’s Business Builders and Flying Solo, and the voice behind the Flying Solo and First Act podcasts. She kicked off her editing career as the founding editor of Sydney street press The Brag and has since worn the editor’s hat across a stack of titles – from SX and CULT to Better Pictures, Total Rock, MTV, fasterlouder, mynikonlife and Fantastic Living. Cec’s reporting runs the gamut. She’s covered small business, politics, health and LGBTQIA+ issues with equal passion. And when she’s not in print or online, you might have caught her behind the mic at FBi Radio or in front of the camera on OutTV.