An update from Fintech Financial Services on COVID-19

Whether it’s social media, TV or radio, the coronavirus or COVID-19 is a topic we simply cannot escape. As much as we would like to try and ignore it, we can’t and it is having a significant impact on people and businesses in Australia.

We are already experiencing panic buying of essential goods around Australia and now we enter a scenario of potential social isolation.

As COVID-19 spreads, businesses need to face the possibility of mass absences from the workplace with quarantine measures enforced. As such it is vital that we implement a strategy, now, to see our business through the months ahead should we be faced with such a scenario. Even the Prime Minister of Canada, Justin Trudeau and his wife Sophie are not immune from this.

The team at Fintech have deployed measures should any of us become unwell or if we need to work from home or self-isolate. You can be confident that regardless, operations will continue without impact or interruption to you. Further updates will be provided to you should this scenario occur.

In addition, you may be aware that the Morrison Government have announced a $17.6b Stimulus Package.

The package is designed to support businesses in maintaining their employment levels rather than having to reduce their workforce.

Here is a summary of what has been announced so far:

• Immediate asset write-off increased from $30,000 to $150,000
• Eligible Employers can apply for a wage subsidy of 50% of the apprentice’s or trainee’s wage for up to 9 months (from 1 January 2020 to 30 September 2020)
• Up to $25,000 (tax free) Boosting Cashflow for Employers of small and medium-sized businesses, with a minimum payment of $2,000 for eligible businesses
• Households receiving a Government payment will receive $750 from 31 March 2020
  $1bn to the “Coronavirus fund”

We will share further news with you as it comes to hand.

We continue to take the long term view

Source ABS Fintech

Factors that should assist the Australian economy minimise any recession:

• Rate cuts and tax cuts
• Infrastructure spending booming
• Low Australian Dollar
• Improved mining investment
• Scope for further fiscal stimulus
• Continued population growth
• Cyclical spending improvement following stimulus

Source: Bloomberg, Fintech

In conclusion

Right now, it is business as usual at Fintech.  However, we are highly conscious of your business and family needs and equally your own personal well-being. If you would prefer to conduct any meetings over electronic communication (such as Zoom, Skype, etc) or via video or phone conference facilities we can assist in this manner.

If you have any further questions, please contact us on 07 3252 7665.