COVID-19 presents the greatest challenge a generation of
corporate managers will see in their lifetime.
This is not the first time the Australian economy has stared
down the barrel of a severe economic downturn, but it is the first
time the economic conditions that previously underlined robust
business models have evaporated overnight due to a public health
crisis.
Labour, one of the critical factors of production, is at risk of
harm, which in turn has seen demand crushed in many industries
which have recently spearheaded growth in our national economy,
such as tourism, education and entertainment.
All this has come at the end of a devastating drought and
bushfire season and a period of unprecedented growth in household
and corporate debt. Flat wage growth and declining household
savings have contributed to the 'perfect storm' in consumer
confidence.
