On 28 May 2020, CA ANZ provided feedback to the Senate Select Committee on COVID-19 with respect to the Australian Government’s response to the COVID-19 pandemic and other related matters.
In our submission we highlighted our support of the Government’s COVID-19 stimulus measures which have allowed many of our members (and their clients) to retain staff and continue to operate. We also noted points of consideration for the committee which included:
- An increase in corporate (and personal) insolvencies is expected towards the end of 2020 when the Government’s support packages for business conclude. We recommend the Government convenes a multi-stakeholder advisory group to develop a solution to address the anticipated increase in assetless insolvencies.
- We encourage the Government to consider reforms to build a regulatory framework that reduces complexity, improves efficiency and drives harmonisation to better enable the provision of affordable, accessible and quality advice to business and consumers.
- We recommend the Government fund a voucher or grant to enable small businesses to access the critical professional advice required to assist their recovery through COVID-19.
- Australia’s response and recovery from COVID-19 has and will continue to incur an inter-generational cost. It is therefore important for our recovery to create inter-generational value. We encourage the Government to link recovery initiatives to existing long-term commitments such as the Paris Climate Agreement and the UN Sustainable Development Goals (SDGs).
- Providing the nation with broader road to recovery measurement and success indicators (e.g. economic, societal and environmental) rather than primary focus on GDP will enable Australians and businesses to measure progress and plan in a realistic way.
CA ANZ In conjunction with CPA Australia has also provided feedback to the committee on COVID-19 stimulus measures implementation impacts on the tax profession.