The first half of 2020 was one of the more ‘eventful’ 6-month periods in recent history—social upheaval, business disruption, market turbulence and economic devastation, but in a time of crisis, Australians put their individual differences aside and showed their true colours, uniting as one behind a simple yet powerful message: ‘We’re all in this together’.
Having mostly flattened the COVID-19 curve, Australia is now faced with an enormous task—rejuvenating the economy.
As a glass half full optimist, it would be remiss not to address the challenges ahead. With JobKeeper set to expire this September, the Federal Government recently announced an overhaul of the program, extending the scheme until March 28, 2021. As for inevitable rollbacks and unwinding of temporary COVID-19-related assistance programs and packages, it would be wise to begin strategising and scenario planning your next six to twelve months. Forecasts suggest a significant contraction in GDP, a decline in total hours worked, a rise in the unemployment rate and the dreaded ‘R’ word, recession. Encouragingly, Australia is a resilient nation, one flush with the spirit of enterprise and as the National Cabinet reminded us, dynamic, resourceful and industrious. Despite prognostications of doom and gloom, every dusk has its dawn and as history has shown, rebounds occur.
To understand where we’re headed, we need to understand where we’ve been. Assuming the role of Chairman during this pandemic has been a ‘baptism by fire’ but I couldn’t be prouder of Nexia Australia’s performance. Nimble in approach, swift in decision-making and decisive in action, business continuity plans were activated and installed allowing our offices to move quickly and with purpose. Large amounts of information were digested, interpreted and disseminated keeping clients abreast of government, regulatory and market developments. Teleconferencing became the norm, JobKeeper the subject of massive enquiry and our digital channels transformed into information lifelines. The immediate task was delivering the right information to the right people at the right time, all with the aim to ensure business survival. Now, we’re faced with a great responsibility—recovering and rebuilding businesses and the economy.
With the end of this financial year’s first quarter knocking on the door, it’s worth remembering hibernation doesn’t mean cessation: your obligations remain. Whether it’s tax, superannuation, business activity statements or PAYG withholding payment summaries, the show must and will go on. To manage your position and chart a course forward, now would be an opportune time to contact your Nexia Australia advisor.
Nexia Australia and New Zealand welcomes an Auckland firm to the network.
On behalf of all of our Nexia firms across Australia and New Zealand, I would like to welcome our new firm in Auckland, Hayes Knight New Zealand who add 5 partners and 41 staff to our growing network. We look forward to continuing to build the relationships with our new colleagues and further expanding our network’s capabilities.
