The impact of the COVID-19 pandemic on capital flows has been substantial as a combination of uncertainty and border closures has hindered the ability of investors to strike deals. Sale volumes in Australia for the first three quarters of the year were AUD15 billion compared to AUD28 billion over the same period in 2019; a fall of almost 50%. Despite the year getting off to a stronger start than 2019, once the impact of the pandemic was felt in Australia sales dried up. Assets that were under offer were put on hold or cancelled as investors became worried about catching a falling knife. This report breaks down where the money has come from and where it has gone.