Whether it’s a business partner or a bed partner, never give the decision making to the man
But when the then NSW premier, Bob Carr, overhauled the workers’ compensation laws, limiting the amount of compensation and changing other rules in the early 2000s, their business faltered overnight.
The couple lost their holiday house, investment properties and their home.
“People asked us how could we lose that much, but you do lose that much when your income stops. And if it stops dead, that’s what happens,” says Colbran. And that’s how things turned out 12 years ago.
From that business, Colbran took a part that was unaffected by the change in the workers’ comp laws, which meant she could provide expert witnesses as an independent basic service. She continues that work today.
“When we lost the business and everything that went with it, I went into deep shock and anger. We were told we had to sell the house we were living in. We sold it commercially – but you sell it at the rate on the market and you’re in a hurry, so you do it at a loss.
“That happened with our main home and two investment properties – and life changed dramatically at that point.”
The circumstances that came out of left field and took away the Colbrans’ livelihood has something in common with what many business people have faced post-Covid.
“We didn’t have a lot of notice, and suddenly everything spiralled down,” she says.
Colbran says she would have found it more difficult if she hadn’t always been in the workforce.
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 2022 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.