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This year, Australians are grappling with belt-tightening inflation, the likes of which we haven’t seen in three decades. How small business owners respond to soaring supply costs, continued staff shortages and customers with diminishing spending capacities will determine whether they survive or thrive.
Two billion dollars' worth of pubs has been bought and sold in the last two years. Perhaps spurred on by the unprecedented challenges of trading through a pandemic, an increasing number of experienced publicans are leaving the industry or retiring — ushering in a new generation of publicans.
Australia is rich with vibrant regional communities undergoing a period of transformation, with a record number of people packing their bags and making a tree change. Some are taking advantage of the newfound flexible work arrangements to pull up their city stumps, while for others lockdown was the final push needed to move to greener pastures and start fresh. This migratory shift is already having a ripple effect across local economies.
Every sector across the globe has been impacted by the COVID-19 pandemic, and the hospitality industry is among the hardest hit. In many Australian states and territories, bars, pubs, restaurants, cafes, sandwich shops and delis alike have been shuttered for months on end.