It sounds like a startling generalisation, but for many Australian businesses the past five years have been focused on serious structural cost-cutting. Technology, from robotics to offshoring people, has enabled it. Now, according to PwC’s Liza Maimone and Chris Manning, the focus has shifted to the front line and how to use technology to fuel growth.

Investors are on the hunt for companies that have growth options. Manning says that for every $1 cut in costs, equity analysts tend to reward a company by increasing their valuation per share by 80¢. If there is a compelling growth story attached to investment spending, the reward is to value the company at a rate of $1.20 for every $1 increase in spending.