Businesses in “survival mode” says CCIQ Chief Economist Dr Marcus Smith

THis afternoon, I caught up via Zoom with CCIQ Chief Economist Dr Marcus Smith to discuss the extraordinary coronavirus-related developments since we last spoke on Sunday. As Marcus notes early in our conversation, which you can listen to below, things are now “absolutely disastrous.”

Use these timestamps to help you find the highlights:

  • 1:30 – reference to 3M+ unemployment claims in one week in US and discussion of how bad things could get Australia
  • 2:10 – Queensland “business owners are in tears” and are contacting CCIQ to help them figure out what assistance is available from government
  • 8:00 – “it’s going to be a bloodbath” across Qld’s small businesses
  • 9:00 – overview of recent Qld Gov’t $4 billion rescue package
  • 12:30 – CCIQ working closely with other industry associations (e.g. Property Council) and state and federal governments on additional assistance measures – lobbying for rental relief and wage subsidy
  • 16:45 – small businesses are “shocked” and are in “survival mode”
  • 18:30 – problem with jobseeker payment for sole traders as it’s means tested
  •  21:30 – discussion of how long it could take the economy to recover once we get to the other side

As I’m preparing this post, I’m listening to Steve Austin on 612 ABC Brisbane, and I am in full agreement with various interviewees expressing the strong view people should stay away from tomorrow’s local government elections.

Social_distancing

Well done Woolworths MacArthur Central for enforcing social distancing

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