When there is an ongoing economic scenario change occurring, it resonates with businesses throughout the world. You can be sure there will be companies restructuring due to the economic change impact.
The fact that the original Jobkeeper program cost the Government $60 billion less than forecast could be the silver lining. If these funds can be reallocated to those businesses and employees in greatest need then the length and severity of the recession, we are entering will be greatly reduced.
The impact from COVID-19 has been clear and obvious across our client base. The next week will be critical in confirming if we are on track to follow the same aggressive growth in infections as has been experienced in Europe (Italy) or if we can manage the situation in a similar manner as Singapore has achieved. With mass gatherings cancelled but schools remaining open our response seems somewhere in the middle compared to other major countries.