Cyclone Alfred Recovery: Financial & Business Strategies from Industry Experts

In the wake of Tropical Cyclone Alfred, businesses across Queensland are facing significant challenges. AAMA recently hosted a webinar featuring industry experts from insurance, accounting, property services, and building management to provide guidance on financial recovery and operational resilience.

Key Takeaways from the Webinar

Financial Impact & Recovery Strategies
Tony Rossiter (Holmans) highlighted steps to assess and mitigate financial losses:

  • Lost Revenue & Expenses: Businesses should document booking cancellations, operational disruptions, and clean-up costs.
  • Government Grants & Assistance: There are financial support programs available, but navigating them requires careful documentation.
  • Business Valuation Considerations: One-off losses due to natural disasters should be adjusted in financial reports to reflect normalised earnings.

Insurance & Risk Management

Chris Trail (EBM Insurance) provided insights on business interruption insurance and the claims process:

  • Businesses should review policies to determine coverage for lost income due to the cyclone.
  • A claim should be lodged even if financial losses seem minor, as cumulative claims can significantly impact business recovery.
  • Preventative maintenance and proper documentation are critical for smoother claims processing.

Property Damage & Maintenance

Greg (WaterTight Group) and representatives from Programmed Property Services emphasised the importance of building maintenance and emergency response:

  • Roof leaks, basement flooding, and structural damages need immediate assessment.
  • Regular preventative maintenance—such as checking sump pumps and stormwater drainage—reduces vulnerability during extreme weather events.

Communication & Business Continuity

Kelly Rigby and Gush (MyBoss) addressed effective stakeholder communication and operational tracking:

  • Clear communication with body corporate committees is crucial, especially regarding additional work charges and maintenance responsibilities.
  • Property managers can use building management software like MyBoss to track damages, document repairs, and generate reports for insurance and stakeholders.
  • Businesses should proactively update customers, residents, and investors on their recovery progress.

Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.

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Tony Rossiter Accountant

Tony Rossiter

One of the most highly regarded and respected accountants in the industry, Tony has conducted income verification reports for buyers on hundreds of management right businesses across Australia. Tony will provide the inside track dissecting and understanding the industry standards, what should you look out for and what should you beware of.

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