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Lockdowns in NSW, Vic and ACT have taken a huge financial toll on many of our clients, whether located in those jurisdictions, or outside and or simply reliant on trade with them for their survival. The financial impact of this round of lockdowns is greater than the first impact of COVID in 2020. Why? The hard lockdowns have lasted longer and clients are less prepared to weather the impact because of the ‘financial bruising’ they have taken over the last year and a half. State government support has also fallen more unevenly on business than the Federal schemes of last year, leaving some businesses in a precarious position.
The finish line is in sight with governments telegraphing the easing of restrictions over the coming months. While this is a welcome boost but for many, the harm has already been done and for some there is uncertainty as to their survival. We surveyed members a few weeks ago for the ABS to assess businesses financial ability to survive the current lockdowns and it confirmed there is real cause for concern.
Join us for this edition of Bookkeeper Radio and we will discuss:
With the help of our good friends de Jonge Read we also discuss:
For those clients that have crossed their fingers and hope to muddle through lockdowns, do they have a Plan B?