Fears COVID twist may be lurking around the corner
Halloween may be around the corner, but it already feels like we’re living in a haunted house. Property prices are booming, accommodation houses are booking out and local cafes and restaurants are as packed as COVID allows … but you just can’t shake the feeling that something isn’t quite right.
While the doom and gloom predicted at the start of the pandemic – with bodies and businesses alike painted as potential victims – never quite eventuated, our current perceived rosy outlook is nothing but a figment of the imagination.
It’s just like in a horror film when the hero thinks he’s slain the monster … but then, suddenly and unpredictably, it rears its head again.
The villainous creature that is coronavirus, or rather the apocalyptic economic atmosphere it has created, is not gone but lying in wait.
And as soon as the weapons we’ve used to ward off these evil spirits wear off, we’re in big trouble.
Again, just like in a slasher film, we could be set for an almighty jump-scare come the end of summer.
JobKeeper expires in March, along with loan repayment deferrals and the resumption of tax breaks … and businesses most definitely have the heebie-jeebies.
Shock data in the Chamber of Commerce and Industry’s latest Pulse Survey show
99 per cent of those polled have grave doubts about their long-term viability amid the pandemic recession.
“When stimulus support ends, and when loan repayments, deferrals and tax breaks resume, businesses must be standing on their own two feet,” Gold Coast Central Chamber of Commerce president Martin Hall said.
“This is unlikely, as 99 per cent of businesses indicated they are unsure of their ability to operate beyond 12 months without support, especially if current restrictions are not lifted.”
The quarterly poll revealed business confidence on the Gold Coast is lower than the State average – despite some recovery in the September quarter.
And that’s the crux of the issue.
Despite the positive signs around us, we don’t believe what we see. Something in our gut is warning us.
A number of players in real estate have told me the same thing … prices are booming, but they hesitate to call it a property boom. Why? Because the confidence just isn’t there.
Even as his own agency continues sending out contracts, John Henderson Professionals Mermaid Beach director Luke Henderson isn’t banking on that upwards trend just yet.
“In my experience, people invest big in property when there is a lot of confidence in employment,” he said. “And that is absolutely not the case right now. There is no such thing as a job for life anymore … people are lucky if they know they have a job next year.”
And that’s because, on the Gold Coast, we don’t know if we’ll have a tourism industry next year.
It’s long been argued, and rightfully so, that our city must become less reliant on this sector … but while we have successfully built up our health and education industries, they are not yet enough to ensure our survival without the lifeblood of tourism. We are not Sydney or Melbourne or even Brisbane.
The truth is that this is a
special city. We have natural attractions, built attractions, the very best in dining and entertainment precincts … tourists from around Australia and the world want to visit. But right now, they can’t.
And that’s why we deserve special consideration.
We don’t have a back-up plan, though not for want of trying. We can’t help that
tourists built us up, so we need the federal government to stick with us when circumstances are beyond our control.
The reopening of borders would certainly help, but after so much economic damage, it’s akin to a bandaid over a bullet hole.
Our very best hope for an economic lifeline is an extension of the Government’s stimulus package. In this horror story, it’s the stake through the heart of the COVID monster.
So ScoMo, please be the hero we need. Because if you sacrifice our city, that legacy may well haunt you.
Read Ann Wason Moore every Tuesday and Saturday in the Bulletin