Ann: Business Update and Response to COVID-19, page-17

There are 2 ways to look at this though.

Firstly, yes we may be limited in our ability to travel (both domestically and internationally) for quite some time.

But, depending on what happens here in Australia (and, whilst not everyone will get their jobs back, if we have some sort of re-opening whilst still having travel restrictions - then plenty of frontline retail staff will be re-employed) it may actually free up a level of discretionary spending that would otherwise have been spent on holidays.

If we remain in lockdown for a while, as per this report 88% of Afterpay transactions are online (Ebay will only increase that), whilst the overall market may decrease - there is a very strong potential for Afterpay to hold their position or potentially even grow it (as 4 x fortnightly payments would be a further benefit when on a limited income, rather than just a nice-to-have).

Obviously the other side is bad debts, drop in retail spending (things like clothing have already slowed dramatically) etc, but so far (and it is VERY early days) they seem to be at least treading water if not growing. We'll see what the next 2 months hold.