Australian businesses are driven more by their own decisions, and less by economic conditions and industry trends, and now have real potential to thrive, according to a new report by Deloitte Access Economics.
Just released, the Westpac Businesses of Tomorrow report suggests Australian businesses, large and small, could lift the country’s GDP by five places, by harnessing business leadership potential.
It says “an opportunity of about $70 billion exists for Australia”, translating into 4% increase in the nation’s GDP (PPP-adjusted) and lifting our ranking from 19th to 14th in the world.
Westpac Chief Executive (Business Bank) David Lindberg said the report highlights the importance of business success.
“When businesses thrive, we all thrive. One of the biggest levers Australia can pull to promote business success is to support the capabilities and confidence of all business leaders. This confidence can translate into a multi-billion dollar opportunity for the nation’s economy.”
He said a clear set of characteristics had emerged about the profile of successful business leaders, including a focus on connectivity, management and strategy skills, international experience and fit-for-purpose education.
“As we transition to a services led economy, it’s vital the 2.1 million active businesses across Australia are supported to succeed in a changing world. Westpac developed Businesses of Tomorrow to help leaders in acquiring the skills they need today to empower them to succeed tomorrow.
“We know the power of bringing big and small business together; more than half of small businesses receive the majority of their income from other businesses and over a third of large businesses have SMEs as their largest suppliers.”