23/52: Glad to be here...
This week feels like it might go either way. It's hard not to be sucked into the significant challenges the USA is facing and somehow absorbing the feeling we're connected to their fate. Between the Coronavirus and racial tensions, the pot has definitely boiled over in the US. On the other hand, so much is going well here. Our restrictions continue to be lifted, the NRL relaunched, the AFL is just over a week from re-starting and Melbournians had their first restaurant meals, albeit very few people, in just over 7 weeks. Even the Good Food Guide gave us a heads up about which of Melbourne's fine-dining restaurants would be opening. The collective mood continues to build.
Add to this more good news: it's likely to be announced any second now (and likely already in the press by the time you read this) that the Australian Government is going to offer a $25,000 grant for new-build homes or home improvements. This will be a massive shot in the arm for the #Residential sector, and wider economy, with direct benefits to the 1000s of 1-man band tradies who operate across the country.
Temperature check: Will you use this grant to upgrade your kitchen or as an extra $25k on a deposit for a new-build home, or is this not the right time to take on debt?
Then on the flip-side, I caught up with one of my trusted advisors this week and they truly believe it's a 2-3 year negative outlook for our economy. Post-September 28 it's going to be a potential #fiscalcliff as jobkeeper finishes and banks lift moratoriums on loan repayments. Globally the situation is dire and that will have a major impact on our exports, supply chains and international financial models. More businesses will close, housing prices will collapse and it will be years before we see a significant recovery.
To quote the shortest verse in the bible, "Jesus wept". What should we do?
When all else fails, focus on the things you can control: Take a positive, but realistic view of the world, hone in on what you do best and seek opportunities to diversify or improve your product/service.
But most of all...be grateful you live in Australia.