The COVID Diaries: government-sector borrower 1

The following interview is with a funding executive at an Australian government-sector issuer. It was conducted on 19 March 2020.

Are you working from home? If so, how challenging has the change been and, if not, how likely do you think it is that you will be working from home in the coming weeks?

Yes. I will be operating from home until further notice. We have been experimenting with our business continuity plan for the last month. Most staff members are working from home. Given everyone’s social contact on the way to and from work, at home and in their community, people are allowed to decide whether they want to work from home or the office. My recommendation to everyone has been to work from home.

How close do you think the market will get to business as usual if we are in a period of social distancing for multiple months, including working from home and little or no face-to-face interaction?

We have been ensuring suitable communication channels are open, other than just email and Bloomberg chat. We have been using Microsoft Teams and doing regular dial-ins throughout the day to ensure people are taking good care of themselves, that their mental and emotional health are being cared for while they have no regular face-to-face contact.

We also regularly check whether everyone’s technology is functioning properly so we can take action to maintain business as usual if things begin to break down.

There are some challenges. The biggest so far has been getting enough monitors for at-home use. But we are operating at 100 per cent functionality.

“I think the federal government’s very slow rollout is creating more panic than if the country had entered an immediate mass shutdown. There is a growing level of mistrust and I have serious concerns about widespread social unrest.”

What other changes are you making in your personal and professional life?

I am probably one of [prime minister] Scott Morrison’s hoarders and I have been encouraging people in the office to make suitable arrangements as well, so they can be prepared, focus on themselves and not worry about where this situation goes.

What are you most worried about in this period, personally or professionally – and how worried are you in general?

I think the federal government’s very slow rollout is creating more panic than if the country had entered an immediate mass shutdown. There is a growing level of mistrust and I have serious concerns about widespread social unrest.

My view is we will see an escalation of violence in the US, where everyone has access to a firearm. There was footage two days ago of more people lined up outside the gun store than outside the supermarket. I think there is a serious risk of anarchy.

My concern is that people are not prepared for when we do enter complete social isolation, which has just happened in Tasmania. People will realise that if they haven’t made suitable preparations, they will be challenged.

Our industry will be fine because we will all have jobs to do and will get paid. It will not affect our ability to purchase, assuming we have access to purchasing. But anyone who is involved in a small business or retail may not have any income or provisions – this will be a social catastrophe.

What is the latest article you have read in relation to COVID-19 and what did you like/not like about it? Can you provide a link?

I prefer to look at data. I think there is enough being written and televised. I have been following the Worldometers website since mid-January, as a source of where hotspots have been breaking out, and examining the rate of contagion. When you do some overlays, looking at this data regularly is far more helpful than looking at research on market impact. You throw all that crap out the window in times like these.

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