Deloitte has released its weekly economic briefing, which
Australia’s COVID-19 induced economic recession has put many businesses under financial pressure. But unusually, the number of Australian businesses that have had to close down due to running out of money (become insolvent), has actually fallen in 2020.
This is partly due to economic stimulus measures that have been supporting businesses financially (e.g. the JobKeeper Scheme), but is also happening because a range of temporary changes to regulations have enabled many businesses to continue to operate when they might otherwise have been forced to close.
