Yahoo Finance What’s keeping Australia’s CEOs up at night?
A looming deadline, an awkward interaction throughout the day, how to pay your next bill are common stressors as we drift off to sleep.
However if you’re one of Australia’s executives, you’re likely occupied with meatier topics.
Australia’s leaders are primarily concerned with innovation, cost competitiveness and energy policy, according to a new survey of 200 Australian C-level executives by consultancy firm KPMG.
Innovation
In a rapidly changing world, the ability to innovate is critical, KPMG CEO Gary Wingrove said.
“Disruption looms around every corner. As 2018 approaches they [CEOs] are now clear about what they need to respond and seize opportunity: a culture of innovation.”
Cost competitiveness
Australia’s leaders are also preoccupied with productivity levels. As our productivity levels are lower than other countries with similar standards of living, CEOs are concerned about labour cost competitiveness.
The country has traditionally had a higher cost of labour, offset by cheaper electricity. However surging electricity prices have undone a lot of that benefit in recent years.
KPMG Economics and Tax Centre lead tax partner, Grant Wardell-Johnson said this could be mitigated by a lower company tax.
“Unfortunately, our survey respondents also suggested that instead of helping, Australia’s corporate tax system actually acts as a further impost on their ability to earn internationally competitive returns,” he added.
Energy
Companies are aware they’re facing a future of high energy prices and are shifting strategy to accommodate this.
“The coming year will see many trials that will scale into larger implementation across a wide range of technologies. And we need to start establishing an orderly transition to more renewables in our generation mix,” KPMG Australia chairman Alison Kitchen said.
What else is on their minds?
These are the top 10 things weighing on Aussie CEOs’ minds:
1. Digital and innovation
2. Cost competitiveness
3. Energy
4. Regulation
5. Government efficiencies
6. Public trust
7. Infrastructure and liveable cities
8. Fiscal sustainability
9. Big Data
10. Health
However, the C-suite is also concerned with Indigenous business, social cohesion, climate change and defence and security.
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