WISETECH founder and chief executive believes the closure of pubs, clubs and public events has provided many people with the discretionary income to fuel economic recovery.

Mr White recently spoke with Commsec’s Tom Piotrowski discussing the origins of the WiseTech business before moving on to discuss more recent themes, notably the COVID-19 pandemic and the collapse of supply chains from China.

“But that terrible drop in trade is starting to look like a very strong recovery,” he said.

WiseTech founder Richard White chews the fat with Tom Piotrowski of WiseTech. Credit: YouTube and CommSec

“We recognise we are all sitting at home these days – it’s hard to go to a club or a pub or a concert or a sporting event…

“So there is massive discretionary income that is going into the goods chain. It is kind of becoming evident that we are in a goods-led recovery.

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Mr White also predicted an improvement in the WiseTech outlook

“The goods chain will be much more solid than other parts of the economy,” he said.

WiseTech recently announced its annual results, reporting a 23% rise in revenue to $429.4m for the year to June 30 and a 17% lift in EBITDA to $126.7m.

Underlying net profit was similar to the year before at $52.6m.

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