Coronavirus COVID-19 has had a massive impact on all aspects of our lives - from the initial health pandemic, to the accompanying swift national downturn and global recession. So how has COVID-19 changed how businesses survive and how can they set themselves up to thrive, now and into the future? From business strategy, to industry innovation and economic landscape analysis, we've brought together our experts to unpack how Australian businesses are doing things differently and managing this period of uncertainty - at magnitudes never seen before in Australia.
Fulfilling Australia's Modern Manufacturing vision
The Government has a 10 year plan to implement the Modern Manufacturing Initiative and develop our manufacturing capability. While this will help reverse the trend of offshoring, it is so much more complex than simply hitting a 2, 5 and 10 year milestone. For instance, if you're looking for investors to support your growth journey beyond the initial funding from the MMI, they'll be looking for a shorter return than the decade mapped out. And of course, we need to make sure we have the trade partnerships and supply chains in place to help the domestic and international markets hum.
In our podcast, partners Richard Nutt and Mark Phillips join us to discuss the global market place, non-tariff barriers, and the skills required to fulfil the modern manufacturing vision. The magic terms you will hear over and over again is value add and bespoke. If we produce the raw materials here, it's a no brainer to commercialise and keep the value add here as well. It's complex, but exciting.
Australian life sciences companies need to be born global
We've never been more aware of where our pharmaceuticals and medical products come from, or how long therapeutics take to develop from research to product. Michael Cunningham, National Head of Life Sciences is joined by Dr Dan Grant, Managing Director and CEO of MTPConnect, Australia's industry growth centre for the medical technology and pharmaceutical sector. They explore the opportunities outlined in the Government's Medical Products Roadmap. Supporting the sector needs more than just funding. Competition and hurdles ahead for our burgeoning life sciences sector include the war for talent and access for funding. But what an opportunity ahead of us to not only innovate and grow this critical sector but to improve health outcomes for patients here and overseas. The legacy of COVID will be a stronger life sciences sector.
The million dollar question: is stamp duty or land tax better?
New South Wales has just undergone a public consultation regarding a swap from stamp duty to land tax over a decades long transition period. If it goes ahead it would be the largest shift in State tax policy since WW2. But is it a good idea and should all the States follow? Stamp duty is one of the most disliked taxes - it's lumpy and comes at a time when property buyers are already under pressure to make their dollar go further. But perhaps it's important to think of each State's target demographic. Baby Boomers may prefer a known one-off stamp duty bill. Millennials could opt-in for a buy-now, pay-later annual land tax.
Rivers of Data: Quid pro quo and data analytics
Google receives nearly 85% of its revenue from user data insights. But you don't need to be the size of Google - or even a tech company - to apply some of their same thinking. In fact, you are swimming in rivers of data and you may not even know it - data about your suppliers, customers, processes and hardware. If you're not tapping into it now, you're at risk of falling behind as your consumers are willing to trade information for a better experience and service.
Being a good corporate citizen is about more than just compliance
Anti-money laundering, payroll assurances, risk management - all hot topics in the news at the moment. But being a good corporate citizen is not just the responsibility of the business. From boards looking to ensure compliance to individuals at risk of 'cuckoo smurfing', compliance and good corporate citizenry impacts all of us. It's about doing the right thing without anyone looking - thinking about your reputation in the market, influencing whether people want to do business with you. If in doubt, ask yourself if grandma would be proud.
Tech enabled businesses to dominate M&A in 2021
M&A took a massive hit in 2020, with the majority of transactions put on hold in the February-March 2020 period in response to COVID. However, the economy rebounded stronger and faster than anticipated with some very clear trends carrying through to 2021. We saw the industrial sector a popular investment, with nearly 35% of deals coming from the sector. Niche manufacturing was particularly popular with foreign buyers. But the sector to watch is technology and technology enabled businesses which are set to dominate the 2021 public and private markets.
Actually so surprised, very knowledgeable guest with useful information. Production quality (sound production) could be better.