An insolvency practitioner's perspective during a
recession.
Since March this year, our economy has encountered unprecedented
challenges arising from the COVID-19 pandemic. We're now
experiencing our first recession in nearly 30 years, the severity
of which has resulted in the Federal Government delivering a budget
for 2020/21 that has been labelled the most important in 75
years.
On initial inspection, the budget has focused on economic
recovery through business support. The government has sought
to overcome the recession's challenges by creating
opportunities for businesses, such as expanding instant asset
write-offs, providing business concessions regarding tax losses and
cutting personal tax rates.
