Ann: Market Release - FY20 Annual Results, page-39

I won't say what I do but let's just say I work in a job that has direct visibility into realtime new business registrations in NZ. For the first few weeks of the lockdown, very quiet, registrations dropped significantly, but over the last three weeks we've seen some of the biggest numbers posted in the last 15-20 years. There's been a huge spike. Now, what does this mean? Who knows.. people out of work looking to start up operations on their own? Pent up demand starting to work its way out? I believe this is something we might start to see happening elsewhere too, once countries cross that initial panic period and settle into their new normal. I believe Xero will see a sharp but significant drop in their new signups, but I believe it'll roar back to life fairly quickly (if it hasn't already done so in NZ and OZ).