In the middle of last year, economists and policymakers were preparing us for the worst recession since World War 2 thanks to the havoc caused by the COVID pandemic. Record unemployment and decades of debt lay ahead of us.
However, in March 2021 – nearly a year after COVID closed Australia down – our economic and health outlook is much more promising. The recession didn’t quite eventuate, companies managed to stay afloat and viable vaccinations were found much sooner than anticipated. Of course, the record debt remains, but it is considerably more serviceable as the economy recovers.
International Monetary Fund projections from January suggest a much more stable year ahead of us with growth in jobs and trade if the global vaccination programs continue and are effective. Australia, by virtue of our distance, is in one of the strongest positions to not only rebound, but claim new ground in a reshaped global economy.
No matter where your business is, we can support you to take advantage of new domestic and international opportunities, adapt to new consumer trends, do more with less, and set your business up for long-term success.
When going back to the way things were isn’t an option, it’s important to have a roadmap for what lies ahead. The Australian Government has shown its hand by prioritising six industries to invest in both domestically and as part of global supply chains. These are the sectors that Australia wants to be “famous” for in the global marketplace. However, the Australian economy is incredibly diverse, and not everyone falls within the six priority sectors. Our leaders look back a decade at 13 different sectors to help paint a picture of what the future may hold.
Opportunities to embrace change and build in resilience to face future uncertainty are abundant now, as is the time to assess your structures and plans to support your people and your clients.
How has COVID-19 changed how businesses survive and how can they set themselves up to thrive, now and into the future? From business strategy, to industry innovation and economic landscape analysis, we've brought together our experts to unpack how Australian businesses are doing things differently and setting themselves up for success beyond COVID.
Stimulus and support will slowly be replaced by incentives so that businesses can create the jobs of the future. With JobKeeper slated to end in March 2021, the Commercial Tenancies Code tied to JobKeeper, we expect to see a transition period as businesses navigate the rest of the year without the padding of Government support. Not all industries are doing as well as others though, with the Government highlighting some sectors – such as tourism – as requiring additional support.
