By Didier Van Not, General Manager, Corporate and Institutional Banking, Westpac Institutional Bank
The economic fallout from the pandemic has raised countless big questions for Australian businesses across industry sectors. Agriculture is no exception.
Australia’s historically heavy reliance on agricultural exports—with 70% of production going offshore—was instantly impacted as lockdowns and travel restrictions were introduced and businesses in export markets faltered or closed.
At Westpac we have been working closely with our customers to help tackle issues as they arise and, where possible, to provide support. As part of this effort, Westpac IQ has teamed with The Economist Intelligence Unit to bring you a series of perspectives from major industry leaders on how the economic crisis precipitated by COVID-19 has impacted each sector and, more specifically, how their businesses are managing through the downturn.
In the first of the series, Paul van Heerwaarden, chief executive officer of Bega Cheese Limited, gives a compelling insight into how the pandemic is changing the food and dairy sector.