Grant Thornton Australia

The Government has delivered a once in a lifetime Federal Budget in response to COVID-19. We saw a significant change in direction from policy makers with a new and renewed focus on sovereign capability and job creation. We invited Phil Coorey, Political Editor at the Australian Financial Review, to share his insights on how the Government has responded throughout COVID. From his privileged position in the heart of Canberra, Phil gives us a sneak peek into the thought processes and policy from Canberra - now and into future. Vince Tropiano, Corporate Tax Partner reflects on what these initiatives really mean for our clients in the mid-sized business space. A key question we ask is what the 'big kahuna' Federal Budget in May 2021 may offer businesses before the next Federal Election - which could be as early as October next year, but certainly by early 2022.

COVID-19 has changed the way we shop - perhaps forever. There is no retailer unaffected. But while many in the industry are experiencing hardships they might never bounce back from, it's not all doom and gloom. Retailers and consumers alike are changing the way they interact and operate. The tenancy mix has changed. We've seen a surge to online, and retailers meeting the demand by investing in their online operations. We've seen digital innovations adopted at lightning speed. And we've witnessed a more health and value conscious consumer, voting with their feet if their expectations aren't met. The next time you head down to local shopping centre, it might not look exactly like you remember it. In this podcast, Luke Ritchie, National Head of Retail and Consumer Products at Grant Thornton, highlights how retailers are adapting their services, what the shopping centre of the future looks like and the intersection of the digital and in-person shopping experience.

Last week was "energy week" - with a number of policy announcements from the Federal Government, and yesterday's launch of the Low Emissions Statement signalling the prioritisation of hydrogen storage, low carbon manufacturing and carbon capture on our transition away from coal and towards a more renewable future. The Government is pouring funding into stockpiling fuel, committing to invest in dispatchable energy, and expanding the remit of the Clean Energy Finance Corporation and the Australian Renewable Energy Agency. Investment is one thing, bringing national consistency to energy policy is another. However, get the structure right and investment in energy will mean investment in clean energy technologies that can support a strong economic recovery. In our podcast, Jannaya James, specialist in Renewable Energy at Grant Thornton, discusses the importance of funding emerging clean technologies, whether gas is the right transitional decision, and the road to hydrogen.

When COVID-19 hit, new listings on the stock market took a dive. And while Australia is technically in a recession, we're starting to see more companies looking to list on the ASX in the run up to Christmas. It might seem counterintuitive, but changing markets and consumer habits has fast tracked some companies on their path to IPO as much as it has stalled others. We talk to Neil Cooke and Jonathan Mather, Financial Advisory partners specialising in IPOs, about which companies are listing during a global pandemic, how the ASX is pitching itself as a global source of capital, and what the ASX of the future could look like.

The impacts of COVID-19 will continue to be massive on businesses and individuals alike. If what is happening in Melbourne is any indicator, then we can't wait for COVID to pass - we have to learn to live with it. We ask Dr Ian Norton, Founder and Managing Director of Respond Global to apply his experience as a former World Health Organisation emergency physician to the current COVID pandemic, while our CEO, Greg Keith tackles how businesses - us included - have approached the new normal. So what does COVID Safe really look like? How do you know if you're responding appropriately? And which of the COVID safe changes are temporary, and what will remain?

AI, big data, machine learning, the Internet of Things - all things that were "coming" in the years leading up to the COVID-19 pandemic and are now staring us in the face. Businesses have access to a backlog of data from their customers that was never put to use before because the impetus wasn't there. Well it's here now. So as your business model shifts increasingly online and contactless, how do you access your treasure trove of data?

The government has said the economy needs to 'grow' out of the recession. Innovation will be to key to this. Some companies need to constantly innovate to stay relevant, while others are innovating to meet the local demand and expectations that COVID-19 has created. So if the global innovation dollar is fluid and fast moving, how can we encourage and foster local innovation? And how can we attract global innovators to set up in Australia? In this podcast, innovation and incentives specialists Sandra Boswell and Sukvinder Heyer talk about creating an IP strategy and trade secrets framework, the importance of embedding innovation into the culture of the company, and what we need from the Government to support innovation in Australia.

COVID-19 has brought with it a tumultuous yet interesting time for the manufacturing sector. April was largely a disaster, but JobKeeper helped businesses stay afloat. May brought with it supply chain issues, but June and July saw sales off the richter with a renewed sense of optimism in the market place. With the AFR reporting last week that Australia ranks a solid last in manufacturing self-sufficiency according to the OECD - there is clearly opportunity to grow. Mark Phillips, manufacturing expert at Grant Thornton discusses how the manufacturing sector is responding to the ebbs and flows of demand, the supply chain and difficulties with freight and logistics, and the procurement power that the government holds.

If the government's economic outlook last week tells us anything, it's that we need to be realistic about the Australian economy. In this podcast, Said Jahani, National Managing Partner of Financial Advisory, discusses what happens when the 'sugar hit' of government stimulus and early access to superannuation currently swirling in the economy dissipates, and what he hopes the Australian economy will look like in five years' time.

In this podcast, partners and family business advisors David Gibson and Kirsten Taylor-Martin speak with us about what makes a family business tick, getting the right skills in the right roles, and whether COVID will be a catalyst for a changing of the guard.

When COVID hit, the combination of JobKeeper, banks deferring principal and interest payments, and temporary changes to insolvency laws gave businesses some much needed breathing space - preventing the immediate tsunami of insolvencies many were anticipating. But these support measures cannot be maintained forever. So what happens when they cease, and how will businesses fare when the safety net falls away? National Head of Restructuring Advisory, Matt Byrnes, says Directors will need to be prepared to make some tough decisions in the next 12 - 18 months. Even if the current measures are extended - and some suggest this could be the case into the New Year - it is clear that businesses will need to stand on their own their own, and they will either be viable or they won't.

During the Global Financial Crisis we saw a tightening of liquidity from traditional sources - which took a period of nearly five years to bounce back. As Australia enters into recession, the banks are still extending credit to existing clients, but their appetite for new customers has already dwindled. To survive and thrive through this period, cash is king. When the big banks pull back, non-bank lenders and alternate debt providers such as Credit Funds and Family Offices could provide that all important bridge. Paul Gooley, National Head of Corporate Finance, and Cyrus Church, Director of Neu Capital sat down to discuss why now is an important time to shore up your balance sheet. There's liquidity in the marketplace if you know where to look and how to access it.

The future of work is being redefined right now. With more and more businesses embracing flexible working, this will have an impact on the commercial property sector. In our podcast, Sian Sinclair, National Head of Real Estate and Construction, and Ken Morrison, Chief Executive of the Property Council of Australia, discuss the future of work and how this impacts commercial real estate - what might this mean for our city skylines?

Our educational institutions aren't just important for our skills of the future. They also play an important role in Australian innovation and research. COVID-19 provides a turning point for higher learning; one with an exciting future. In our podcast, Stuart McDowall, National Head of Education, and Consulting Partner Kristy Fotiadis, discuss how universities and VET providers should be reviewing their strategies, local and international demand, and what they're excited to see in the sector in the years to come.

For the first time in 29 years, Australia is in a recession. The record stimulus and support packages rolled out just in a few short weeks to combat the effects of COVID-19 will leave us with a record deficit that will take decades to pay back. The Tax and Transfer System is really the only mechanism we have to balance the books - and with tax reform on the table, now is the time to look at our tax system with new eyes and split the bill in different ways. In our podcast, National Head of Indirect Tax Tony Windle, and Tax Partner Vince Tropiano discuss how to shake up the tax system and avoid decades long deficit blow outs.

As Australia's economy restarts, the focus has been on the 'return to work'. But the COVID-19 experience has not been the same for every Australian, with many continuing to work throughout the pandemic. What comes next will, and should, be different. Now is the time to redesign the way we work. It's time for a new leadership deal. Hear from Matt Croxford, National Head of Human Capital, and Katie O'Keeffe, Partner in Human Capital, as they discuss the future employee value proposition, the workforce pitfalls to avoid, and what a new leadership deal should look like.

The professional services landscape has changed with COVID-19. The more agile the firm, the better placed they were to ride out the storm. But even with this agility, COVID has brought with it the need to leave cash in your business - and the partnership model used by so many professional services firms doesn't lend itself well to this. Will this mean the end of the partnership model and a move to an incorporated structure for some professional services firms? Hear from National Head of Professional Services, Ben Matthews, as he highlights how those in professional services have adapted to working remotely, and what 2020 and beyond will look like for the sector.

It's been a rough start to the year for our farmers and major food producers. However, our farmers are extremely resilient and are flexing where it counts. Hear from National Head of Agribusiness, Food & Beverage, Tony Pititto as he discusses the resilience of our primary producers, the importance of restaurants and cafes, global rice production and what we need from our government to ensure the industry continues to thrive. For more information visit: https://bit.ly/2WITMcm

COVID-19 has brought to light the schooling version of what has long been referred to as the 'digital divide' - but schools have developed innovative ways over the years to close this gap, which assisted many schools' preparedness for digital and remote learning brought on by COVID-19. With IT helpdesks for students, cyber security education, and digital tools to augment learning, students are engaging in a powerful way while the digital and learning worlds converge. Stuart McDowall, National Head of Education, discusses the ways schools are innovating around technology, fees and the way we learn, and new the points of difference that can drive enrolments in future.

Spray and pray, script kiddies, phishing, bring your own network, wardriving. Sounds like newfangled Gen Z lingo, but it's actually part of the cybercrime lexicon that you need to be aware of to protect yourself and your business. With the sudden and swift shift to remote working, cyber criminals now have around 40% more "open doors", wifi weaknesses and gaps in security to exploit. If you haven't already experienced a cyberattack, you will. Hear from Matt Green and Chris Watson, Partners and cyber security experts, as they shine a light on the dark web and what businesses (and more importantly, their people) can do now to ensure they have the right security measures and culture in place to protect yourself and your business from becoming a cybercrime statistic.