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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Is government support leading to zombie firms?

By Cameron Micallef

July 17 2020
Share

Invest

Is government support leading to zombie firms?

By Cameron Micallef
July 17 2020

A number of firms are surviving due to government support, but rising payment times show that many zombie firms are still struggling to keep their head above water.

Is government support leading to zombie firms?

By Cameron Micallef

July 17 2020
Share

A number of firms are surviving due to government support, but rising payment times show that many zombie firms are still struggling to keep their head above water.

Data compiled by CreditorWatch showed a 17 per cent decrease in court actions and a 25 per cent decrease in payment defaults.

“While at first glance, a decrease in business administrations, court actions and defaults seems to indicate a rebounding economy – however, when we take a deeper look, it’s clear that trouble is brewing and that businesses are struggling with significant cash flow issues,” Mr Coghlan said.

“Payments in June were overdue by an average of 49 days across all industries, 342 per cent higher than the June 2019 figure.”

Payments in construction increased to 53 days overdue, while electricity, gas, water and waste services increased to 37 days overdue and rental and real estate services increased to 37 days overdue – resulting in a “significant jump” in the number of businesses coming out of hibernation and entering administration as the fiscal cliff approaches.

“Until now, the priority has been to keep as many businesses as possible above water,” Mr Coghlan said.

“Come September, however, support packages will be lifted and we’ll find that a substantial number of ‘zombie businesses’ have been kept artificially afloat.

“Banks will not be prepared to prop unviable companies and nor should taxpayers; however, the government can ease the impending insolvency curve by lifting [safe harbour] measures gradually and forming an administration service to support the industry.”

CreditorWatch data showed that payment delays give the game away. Payments in June were overdue by an average of 49 days across all industries, 342 per cent higher than the June 2019 figure. The growth was even greater across industries like arts and recreation (up 900 per cent) and retail (up 367 per cent), suggesting that behind the scenes, SMEs are struggling to make ends meet.

“As lockdown restrictions impeded cash flow, the measures announced by the government saved jobs and enabled firms that would otherwise have closed to hang on,” Mr Coghlan said.

“This could be a stay of execution for struggling businesses, and we should prepare for a double whammy of administrations when the measures are lifted in September.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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