Many readers will have seen in the press that Mahoneys recently launched legal action in the High Court on behalf of a number of businesses to force the opening of the Queensland border on the grounds that the closure was unconstitutional. It is possible that this, coupled with pressure from many other sources, will see the opening of the border by 10 July, much sooner than the Premier’s previous statement that it was likely to be October.
In recent weeks Mahoneys have worked hard behind the scenes to assist the management rights industry generally and a large number of our clients individually. I facilitated a meeting between the industry’s’ valuers, accountants and others to put in place a valuation regime which has protected the values of permanent management rights businesses, I and others in my team has participated in various COVID-19 webinars hosted by ARAMA and we have together provided free advice and guidance to many clients adversely affected by COVID-19.
Whilst confident that the proven resilience of the management rights industry will see it bounce back, I am realistic enough to know the devastation which the tourism industry has experienced, the much greater economic shock the rest of the world has suffered and the unlikely return of international visitors for many months the road to recovery for short term letting businesses will be long and difficult. I and my team will continue to do all we can to assist our clients to navigate that road.