March 2020 will go down for the majority of us as the most tumultuous month to date, and potentially in our lifetime. With COVID-19 cases surpassing half a million, a share market dropping 30-40% and every government taking extreme measures around the world, it’s a state of emergency everywhere.
There are many parts of the stimulus announcements such as tax relief and accessing your super that are best placed with a qualified financial planner and certified practicing accountant. Our objective is to help protect you from a financial and property standpoint, but also to call out opportunities that may present themselves so you, our herd, are fully aware of what’s available to you.
From a financial landscape, I have never seen a more supportive yet cautious banking sector. If I look back at the crises I have lived through, or my parents told me, we had the 1987 crash, 2000 dot-com crash, the Sep 11 attacks, the GFC and what’s happening right now in the last 40 years. During these instances, we’ve existed in a state of either industrial or financially driven downturn, with the exceptions of Sept 11 and now. The banks approach in the latter two is to be a pillar of strength, to keep money flowing to where it can be best served. This provides me with great comfort knowing that all major institutions and governments are working together, and I hope it can do the same for you.
Here is a summary of the current financial situation we find ourselves in, from two lenses – protecting cash flow and deploying cash flow: