I think many Western Australians started 2020 hoping this would be the year we would emerge from the financial recession of the past 5 years. The world has obviously been turned on its head and we will be living with uncertainty for a long time to come.
Society has been split into two groups – those who have been forced into social isolation for health reasons or because their businesses/carriers have been put on hold, and those who are considered essential services and are continuing to work.
Tallwood Custom Built Homes have been able to continue work on all our projects, including one we handed over in the middle of the pandemic. I have been very proud of my staff, suppliers and trades ability to adapt and adhere to the best practice COVID-19 prevention requirements. Who would have thought our mothers were right when they told us to wash our hands? Sorry Mum.
Our building sites are large and maintaining social distances are standard. I am pleased we have been able to keep our entire team employed, which has reduced the stress on the government reserves. We are thinking of all those who have been severely affected and hope that your lives can return to normal as soon as possible.
Australia has been very fortunate to have strong Federal and State leadership who have been prepared to make difficult decisions and act on them immediately. With new cases of COVID-19 slowing to a trickle and our children returning to school next week, hopefully the social distancing restrictions will be loosened in the next few weeks and most businesses can reopen in some form.
The government now has a medical system prepared for future outbreaks and a proven method of enacting social restrictions if required.
It would appear that herd immunity will be our best way forward as it may be some time before a viable and safe vaccine will be available.
The pandemic has affected all aspects of our lives. Like most things, the economy is a construct created by us and will need to be managed by us. While the health of society is paramount, the government stimulus packages will need to be paid for. Please find the AUD and ASX year to date graphs below.
What both of these graphs show is that the financial world as we know it changed dramatically at the start of March and has somewhat rebounded back. If Australia can continue its impressive containment of COVID-19, hopefully both the AUD and ASX will continue to strengthen.
With almost no movement between international, interstate and intrastate borders, we have a sense of community and a feeling that we are all in this together. There is no doubt that we are in unchartered waters and probably not through the worst of this. Please stay safe, calm and positive.