Until the government back stops EVERYONE in this situation, it's going to deteriorate over the coming months. A lot of people have terrible personal balance sheets, let alone their businesses. A cancellation of GST & PAYG might help but it doesn't solve the problem that 99% of businesses need income not relief on liabilities, that helps but it's only one part of the equation.
I think something equivalent of a universal basic income to keep people's bills, rent/mortgage paid & food in their belly. For everyone not just existing pensioners.
The dumb thing is I know a lot of small business owners trying to maximize the 50% rebate of PAYG. I just shake my head at the stupidity of spending large amounts of capital in this environment. It's not a normal operating environment so I don't think normal rules apply.
While this is not normal there are normal common sense rules that can apply.
How much toilet paper,food,essentials do you need? How much money?
What can I do to help everyone else.
Where can I lead by example--start with friends, colleagues and family.
Many businesses rely on small margin and high turn over like a Restaurant or coffee shop store ---
Deli--lose traffic and you lose your income stream.
So the hospitality industry will be hit hard but take away and home delivery is likely to boom.
Businesses need to be at least profitable to survive.
The first thing to do is Shrink
The second is to cut costs--be smart dont look for hand outs.
Help your employees be smart.
Restore confidence in them -- find ways together. The cream will
rise to the top.
Don' t expect the Govt to solve all problems.
Or be the knight in shining Armour rescuing us all!
They cant and wont. But YOU can look after
YOUR lot.
Setting and distributing a basic income is fraught with endless issues
Who gets it
How do you prove you qualify.
Where does the money come from
Is there a means test.
Policing fraud.
Could you dip into super to survive in this extreme case for
a defined period and a defined amount.
There is an end and it will come
BEFORE ----" THE END ".
Wont be easy but we will come out of this strong and wiser.
I personally like the way leaders are leading.
I might not 100% agree but they are picking up on the good
ideas and running fast.
Some maybe in hind site over the top but better to be too
conservative in this situation.
Heroes will be bare handed in front of a militia.