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all Australians, has meant that this country, notwithstanding Victoria’s difficulties, has largely dodged the COVID-19 bullet. The challenge is to now grow the economy for the benefit of all Australians. Australia is up to this task. Innovation is part of our DNA. During shortages and rationing after World War II, people found inventive ways of using barbed wire, for example, and nylon stockings were often used as an alternative to broken fan belts on cars stranded on country roads. More recently, our country has gifted the world seat belts and air bags in cars, wireless fidelity (wi-fi), and phenomenal health innovations in areas such as hearing devices, cataract surgery and heart transplants. Australians are resourceful. When we get knocked down, we get back up again. We find solutions in the face of incredible adversity – just ask all those people impacted by fires, floods, storms and cyclones during our lifetime. This resourcefulness has been demonstrated in spades within our own industry, where service station operators have worked with their suppliers to implement home delivery and other actions to increase their sales of non-fuel products to reduce the losses experienced by dramatic reductions in fuel sales. So why should the recovery from the COVID-19 crisis be any different? Sure, it’s a big impact, but that just means it will take a more sustained effort than expended by Australians after lesser impacts. Some might say such an outlook is hopelessly optimistic, particularly given the large number of media stories predicting a second wave and suggesting that the real economic impact is yet to come. A dark outcome is certainly a possibility, but it’s equally possible that we’ve hit the bottom and are now better positioned than most other global economies to begin the rebuilding process with optimism. Our economy is strong and has underlying advantages that will help us cope with this unprecedented crisis. We produce almost all our own food (unlike some countries in Europe and Asia). We’re rich in energy and other resources. Having previously relied on heavy manufacturing, we’ve since replaced it with advanced manufacturing in areas such as defence, telecommunications, food, pharmaceuticals and IT. This means that much of our economy is well placed to get through this latest crisis. Even service-based industries such as hospitality will recover quickly. We’re a sociable lot, and as soon as it’s safe to do so, we’ll undoubtedly head to pubs, clubs, restaurants and cafes again in droves. It might mean we don’t travel as much internationally in the immediate future, but is that really such a bad thing? This crisis will give us the chance to help tourism businesses as we re-engage with the natural beauty and vast open space that is the continent of Australia. The rate of our national recovery will depend on a strong economy and a strong financial system. Fortunately, we have both. Successive federal governments have steered us through the GFC (and before that, the Asian financial crisis) and put us on the cusp of a national budget surplus before this crisis hit. Our world record of 29 years of successive economic growth means that we’re emerging in a stronger position than most other developed world economies. While we’ve criticised the banks in recent years, we’ve all seen how the strength of our banking system was harnessed for the good of every Australian. Together with their peers, Australian Banking Association Chair Matt Comyn and CEO Anna Bligh have put the banking system at the full disposal of the national economy. There are also many organisations and other stakeholders that have been working with all levels of government in the background. Sure, some, like the biggest landlords, were dragged to the table to assist, but at least they came to the table. And traditional differences continue to be set aside. Government, business and unions have been working together in recent months – albeit in a fragile partnership – to discuss opportunities to improve the flexibility of the industrial relations system to aid recovery, while still ensuring that appropriate employee safeguards are in place. If employer groups and unions can work together to address these challenges, then anything is possible. And so, we come back to the point of what’s missing: optimism. Granted, it’s hard to maintain optimism in the face of the uncertainty created by an economic downturn bigger than most of us have faced in our lifetimes. Yet we possess the resourcefulness to overcome it. Believing that our economy will get through this is not a ‘blind hope’. Nor is it ‘unrealistically optimistic’. All the things we need to get through this are already in place. As we approach the end of September 2020, and the cessation of much of the government assistance that has helped the economy through this latest crisis, business owners must implement the measures needed to ensure they’re able to continue operations when the tap of JobKeeper and other assistance is turned off. That planning task is made a little easier if we all approach that task with a healthy dose of grounded optimism, not letting ourselves get too distracted with the ‘doomsday’ stories that continue to be peddled in large sections of the national news media. ACAPMA PETROLEUM INDUSTRY REPORT About Mark McKenzie Mark holds formal qualifications in engineering (BEng) and business (MBA). He has 30 years of varied experience in private- and public-sector roles, with much of this time spent addressing strategic issues and public policy for the road transport, conventional fuels and alternative fuels industries. Email him at markm@acapma. com.au or go to acapma.com.au. About ACAPMA First established in 1976, the Australasian Convenience and Petroleum Marketers Association is the peak industry association representing the interests of most businesses that comprise the downstream petroleum sector in Australia. Membership of the association ranges from large corporations to small family owned businesses, including fuel wholesalers, fuel distributors, fuel retailers, petroleum contractors and petroleum equipment suppliers. For further information about the nature of petroleum marketing in Australia, contact the ACAPMA Secretariat on 1300 160 270, or email assist@acapma.com.au. JUL/AUG, 2020 CONVENIENCE WORLD 53