The NSW Government has released a 24-Hour Economy Strategy to revamp Sydney’s nightlife, support local businesses and create more jobs in the wake of COVID-19. The strategy will be driven by a new Coordinator General tasked with unlocking the city’s cultural and economic potential by bringing stakeholders together from across industry and councils and looking […]
The ABS confirmed Australia’s first recession since 1990 after recording two consecutive quarters of economic decline. After being hammered by the pandemic, bushfires and drought, Australia’s GDP plunged by 7 per cent in the April-June quarter. This follows a 0.3 per cent fall in the previous quarter. The 7 per cent fall is also the […]
The Morrison Government is right to be pressing for the industrial relations changes that have been so critical to keeping people in work through this pandemic to be extended and to apply to employers coming off JobKeeper. The extension of changes to the Fair Work Act, and the Government’s proposed business investment incentives, is critical […]
Australian SME owners are bracing for an imminent recession, inflicted by the global coronavirus pandemic. Our recent survey of SMEs revealed that, in response to the virus, 66 per cent are concerned that we will experience a recession in Australia, and 62 per cent believe the severity of this will be the worst downturn Australia […]
Vu Tran, co-founder at Go1, talks us through why he thinks startups and digital transformation will be key in the economic recovery from COVID-19 in Australia. It would be an understatement for me to say that COVID-19 has changed the world and indeed the way many of us live. In Australia, though tragic in terms […]
JobKeeper is the definition of policy made on the run. At the time, it was very important to roll something out quickly to cushion the full brunt of the economic fallout of COVID-19. However, now that the scheme has been running for a few weeks, and with recent developments around the scheme’s true cost, there […]
Yesterday, in an announcement, Scott Morrison revealed a ‘JobMaker’ plan to strengthen and grow the economy post-lockdown by focussing on equipping Australians with in-demand skills, assisting key industries such as manufacturing, working on a new tax system and more. He said that the emergency stimulus measures had kept the economy going but that it was […]
During the crisis, the government has unveiled many stimulus packages to support businesses and sustain the economy, including the JobKeeper payment, the early release of superannuation and the halting of property evictions. In dealing with this highly unprecedented event of a pandemic, the Australian government has had to quickly guide all states and territories through potential economy failure and […]
The Reserve Bank says the economy could start to bounce back in the September quarter as government begins to ease coronavirus restrictions towards the middle of the year. RBA Governor Philip Lowe said easing COVID-19 restrictions will undoubtedly help the economy, though moving too quickly could entrench an already disastrous decay in jobs, wages, inflation, and […]
The Morrison government’s economic plans to mitigate coronavirus challenges is a timely, sensible and proportionate response, however there are bigger concerns not addressed. Through constant communication with our client base of over 58,000 Australian SMEs, we have seen that almost every business is severely impacted by the unfolding COVID-19 recession. The stimulus packages and plans, […]
