From decarbonisation to digital transformation to new geopolitical risks, there are a lot of potential speed bumps ahead. And no guarantee of success.
Already a subscriber?BHP’s Australian head, Geraldine Slattery, this week came out with a rather ominous warning about the economic challenges ahead.
But from decarbonisation to digital transformation to new geopolitical risks, Australia is facing hard choices and hard work if it is to avoid the low growth road predicted in Treasury’s last five-year Intergenerational Report. The government’s ambition to build human capital and improve educational standards is yet to be proven in a country where basic foundational skills likeSimilarly, rhetoric about a future of domestic green manufacturing based on developing niche markets inAirTrunk founder Robin Khuda at his company’s new global headquarters in North Sydney.
WiseTech’s massive international expansion helped it withstand an attack from short sellers last year, with the stock soon returning to record highs, while Canva’s revenue is growing at 60 per cent a year.But such Australian-headquartered businesses, no matter how extraordinary and outward-focused, aren’t enough to sufficiently boost overall domestic growth unless they are also backed by a resilient economy with policies to match.
Even the perpetually optimistic CEO of AustralianSuper, Paul Schroder, noted Australia had lost the “size of the pie discussion” by becoming focused more on distribution ahead of growth and aspiration. “That was also a period of steadily increasing productive capacity,” she said. “Economic cycles were very much shaped by the demand side of the equation … it was a relatively easier environment for central banks to navigate because their tools are very effective in addressing the demand side.”BCA president Geoff Culbert speaking at the Business Summit dinner on Monday night.
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