I’m here with an update for Australian businesses on 4 February 2021.
In this short briefing, I’m updating you on the Victorian restrictions that have been put in place from today and also an update from the RBA on the Australian economy.
Victorian restrictions as of 4 February 2021
As of this morning, Thursday 4 February, masks are to be worn inside.
You can still have employees in the office but the capacity increase to 75% of office workers that was due to come into effect from Monday 8 February has been put on hold for the time being.
The cap remains at 20 staff onsite for workplaces with fewer than 40 staff onsite, or 50% of office workers for larger businesses.
More insight on the Australian economic outlook from the RBA
Further to my briefing on Friday 22 January, the Governor of the Reserve Bank made a presentation yesterday where he said the RBA would hold the official cash rate, currently at a record low 0.1%, until inflation was “sustainably” between 2-3%, which would only occur once unemployment was low enough to drive strong wages growth.
Dr Lowe said, “It is difficult to determine exactly when this condition might be met but … we do not expect it to be before 2024 and it is possible that it will be later than this.”
This further supports the view I presented in the briefing that economic conditions are ripe for the growth of smart businesses with good strategies.
Ashley Thomson B.Eng. (Hons), Grad. Dip. Mgmt, MEI
Tenfold Business Coaching