Australia is now firmly in the throes of a recession, as is the rest of the world. Unemployment is at levels not seen since the Great Depression. Entire industries have been destroyed, and many companies will close their doors and simply will not be seen again.

Previous editions of this Bulletin have argued that the economic crisis, though catalysed by the COVID-19 pandemic, was in the makings well before the first COVID case emerged in December 2019. This was evidenced by the crisis in retail, with some 169 closures of outlets in January 2020, as reported in the Sydney Morning Herald in the same month. Those closures and the impact of the retail crisis emerged before the full impact of low sales over the Christmas and holiday period would be realised. In January 2020, these were figures not seen in several decades.