460,000 businesses closed in the first quarter of 2020 The economic downturn in China resulting from the Coronavirus has been substantial. 460,000 businesses closed permanently in the first quarter of this year, and the number of new businesses opening fell by 29%. There is little doubt that on a pro-rata basis – a similar thing […]

460,000 businesses closed in the first quarter of 2020 The economic downturn in China resulting from the Coronavirus has been substantial. 460,000 businesses closed permanently in the first quarter of this year, and the number of new businesses opening fell by 29%. There is little doubt that on a pro-rata basis – a similar thing will happen in Australia and among our various trading partners. I mention the decline in China for two reasons: It points to the decline that is inevitable in Australia It points to the softening of China’s economic power Thousands of Australian businesses will not open after the pandemic. Many more will reopen but close soon after due to the difficult economic conditions. While this will create challenges for many – it will create opportunities for others. Law and accounting firms are planning to work on mergers and acquisitions – and business brokers are reporting opportunity…