The inevitability of evolution, after COVID-19 – Coronavirus (COVID-19) – Australia – Mondaq News Alerts

10 May 2020

by

BRI Ferrier

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As the lock down measures are wound back and we are nowconsidering life after COVID19 in Australia, the question is, howdo we recover?

It appears accepted that some businesses simply won'tre-open. That position probably reflects businesses that werealready struggling, or a business has now become marginal orterminal in the wake of the market dislocation created by theCOVID19 crisis.

By the time the Australia-wide lock down ceases, the bulk of thecountry would have spent several months within the confines oftheir own house. We know that there will be significant debts thatneed repayment and a recession, that has already been foreshadowed,to navigate through. It is likely that the real financial pain isyet to come.

Ideally, we would like to see Job Keeper kept going for at least30 days post lock down, this will ease the burden of transition andin reality, the Commonwealth and State undertakings designed tokeep the economy alive will need to be amended to get it growingagain.

Just as "all bets were off" when this process started,the same attitude may be needed to make for a smooth, seamlesstransition, rather than an abrupt shock to the system where youeither survive or don't.

The next period of time is an important stage of businessevolution, your desire and financial ability to implement change isgoing to be your biggest hurdle.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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