Westpac has released its ‘Business of Tomorrow Report’, in partnership with Deloitte Access Economics, highlighting the $70 billion potential of harnessing Australia’s business leadership.
The report found that if all of Australia’s 2.1 million currently trading businesses reached their potential it would translate into a four per cent increase in the nation’s GDP (PPP adjusted), lifting our ranking from 19th to 14th in the world with a $3,000 annual windfall for every Australian.
The report was released as nominations opened for Westpac’s Businesses of Tomorrow program, part of Westpac’s bicentennial celebration in April 2017. This program will support business potential though recognising 200 Australian businesses, both large and small, which are doing well today and have a clear vision for tomorrow.
“This report highlights the importance of business success,” Westpac Chief Executive Business Bank David Lindberg said. “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 multibillion dollar opportunity for the nation’s economy.”
The report outlined that there was a clear set of characteristics for the profile of successful business leaders, including a focus on connectivity, management and strategy skills, international experience and fit-for-purpose education.