Australia’s retail and hospitality sectors are struggling under COVID-19 lockdowns.
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The Tyro Payments Ltd (ASX: TYR) share price is back in the green, up 0.67% to $3.77 at the time of writing, after earlier posting losses of 1.0%.
Last week, on 26 August, the ASX payments company reported record results for the full 2021 financial year.
Today, in a statement unlikely to have an immediate material impact on Tyro’s share price, the company’s CEO, Robbie Cooke, called for Australia’s state borders to reopen once the nation hits a 70% vaccination level.
What did Tyro’s CEO recommend?
Noting that most of Tyro’s customers are involved in the retail and hospitality sectors, Cooke called on the government to offer a clear reopening plan following a new wave of COVID-19 lockdowns.
As reported by The Sydney Morning Herald, Cooke said it wasn’t a “sensible nor sustainable proposition to have the state borders locked down“.
Cooke was quoted as saying:
Once all jurisdictions get to 70%, governments across the country need to act in a coordinated way. It is exceptionally damaging for businesses if Queensland is locked down and the rest opens up, it does not make sense. It’s going to be damaging for Queensland businesses.
Different states have been spruiking different reopening plans. And a lack of clarity remains about the future of vaccine passports and whether vaccines can be made mandatory.
With those issues in mind, Cooke said, “The [federal] government has to give businesses certainty around what they need to do and how they need to open themselves back up.”
Tyro share price snapshot
The Tyro share price is up 12% year-to-date, just edging out the 11.6% gains posted by the S&P/ASX 200 Index (ASX: XJO).
Over the past month, Tyro’s share price has gained 7.4%, while the ASX 200 has slipped 0.4% into the red.
Should you invest $1,000 in Tyro Payments right now?
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.