Page 24 - Tropic Magazine Issue 29

TROPIC • ECONOMY

Taking charge

FINANCIAL HINTS
Shona Cram, Audit Partner an expectation demand will remain high
with Grant Thornton Cairns, in the year ahead. To deliver services
requires funding and people. Both were
discusses the current economic already pain points pre-COVID and are
environment for both the even more so now.
tourism and not-for-profit The quick transition to working from
sectors. home also contributed to a surge in
cybercrime activity, with the number
of cyber intrusions detected during the
In the middle of last year, economists first half of 2020 alone eclipsing the total
and policymakers were preparing us for number of the year prior.
the worst recession since WWII. Today,
about a year since COVID-19 closed Business health checklist
Australia down, our broad economic and What government funding may be
health outlook is much more encouraging available to your business?
with vaccinations now being rolled out Difficult decisions may
in Cairns. However, locally there remains need to be made in the Is your organisation operating as
uncertainty as our international borders efficiently as possible and achieving
are still closed and tourism continues short-term to secure maximum reach?
to suffer. a long-term future for
Around a quarter of all visitors to Are your accounting records up
Cairns in 2019 were international the region to date to enable timely funding
tourists. Domestic tourism alone hasn’t decisions to be made?
filled that void. The Government has
promised additional targeted support Is your business cyber secure?
for the tourism sector, and this will In this changed landscape, organisations
be imperative to support tourism need to critically assess where their Have resourcing constraints put your
operators to right-size and innovate until income is coming from to take control regulatory compliance at risk?
international visitors can return to our of their own destiny. Difficult decisions
region. Even when they do, it will take may need to be made in the short-term to How will your response and plans for
time for visitation numbers to get back to secure a long-term future for the region. the future impact your future cash
those previously enjoyed. Grant Thornton’s team of experts flow?
People’s natural response has been to look understand the region and can help
to their local community, leading to an businesses navigate the challenges ahead. Is your business solvent?
increase in demand for both local support
services and resources. Our not-for- MORE: [email protected] Do you need protection by the Safe
profits and public services were stretched grantthornton.com.au Harbour laws?
to cope with these pressures, and there’s

24 • Tropic • Issue 29