Morgans Conversations: Graham Turner, Flight Centre

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Chris Titley
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By Chris Titley
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Adviser
Date posted:
03 September 2020, 3:45 PM

This episode of Morgans Conversations is with Graham (Skroo) Turner, CEO of Flight Centre. Flight Centre has seen an unprecedented decline in Travel across the globe during 2020 due to the COVID-19 Pandemic restrictions. Skroo talks about 2020, the swift actions they took to ensure liquidity, the c$1b in refunds they processed, the reduction in costs as a business and the actions moving forward to allow Flight Centre to continue to grow in the future.

Mr Turner says: "Well certainly from a business point of view yes and you wouldn’t want too many of these in your lifetime. You know, we’ve had recessions, and the GFC, and we’ve had September 11 and the Gulf Wars and that, which, you know they pale into insignificance in this. And it’s not just the virus of course, the big issue is the government restrictions and generally the over reaction generally.

"And I think it came from the way that China handled this. Everyone sort of copied. And unfortunately, Western democracies don’t work like a communist dictatorship. So there have been some major strategies that really haven’t worked very well and lockdowns are a classic example. The original idea was containment of the virus in Australia anyway and most other countries, so that the ICU could cope.You know the ICU units could cope.

"But we’ve never got anywhere near that and I think most governments will realise fairly soon that whether we have a vaccine or not, we’ve got to reopen. And I think we will get back to a level of normality over the next six to 18 months. But there is still going to be a fair bit of pain in a lot of businesses. And a lot of pain in unemployment for a lot of people, particularly younger people. Particularly younger people with families and mortgages."

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Morgans Conversations is a collection of short interviews with company executives. Click on the 'Podcast' tag in the menu to the right to listen to the most recent interviews. Please contact your nearest Morgans office for more information.

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