As Governments around the world start to open up their economies, with hopefully the worst of COVID-19 behind them, for the business community it is a different story.
Key points:
- Virgin Australia, Tigerlily, Aussie Disposals and Sydney’s Carriageworks have all called in administrators since the COVID-19 shutdown
- Experts warn many more businesses will collapse when JobKeeper is withdrawn in late September
- Analysts say retail is the most vulnerable sector, having already seen numerous collapses prior to the pandemic
The worst could be yet to come, as months with little or no revenue take their toll.
For example, Nicole Manns was the proprietor of a thriving video production house in Brisbane until Hollywood superstar Tom Hanks got COVID-19 while filming on the Gold Coast.
“We probably would have had another four or six weeks I think in the film industry before it started impacting us, but it became such a headline that I think a lot of productions had to take immediate action,” Ms Manns told the ABC.
With 90 per cent of her business gone and her