Accountants wary of the cost of lockdown

In a survey of their views on Covid-19’s impact on Australia’s current and future economic situation, accountants have been pessimistic. In the CPA study, nearly half were ‘fairly’ or ‘extremely’ worried about the country’s economy, with only 20% being ‘fairly confident’ about the next 6 months.

Working closely with clients of all sizes and from all sectors of the community, Accountants are working on the front line with Australians trying to get through the pandemic as financially unscathed as possible. Regularly surveying accountants as they help their clients with stimulus and relief packages as well as regular tax return work and debt payment, will provide essential insight into how well government lifelines are working and where extra assistance is required.

Interestingly, accountants working in lockdown areas are more worried than their counterparts in less directly-covid-affected areas, but not by a huge amount. This shows that Australia is affected nationwide by the pandemic and that state-by-state support programs and the associated red tape, aren’t necessarily helping the economy overall.