Deloitte, EY, KPMG and PwC Australia launch campaign to tout economic benefits of hitting vaccine target

Deloitte, EY, KPMG and PwC are backing the government’s vaccine campaign, saying the economy will gain $30bn within three months of lifting lockdowns.

CEO of KPMG Andrew Yates says vaccines are providing a light at the end of the lockdown tunnel. Picture: John Feder/The Australian.

Fierce competitors Deloitte, EY, KPMG and PwC have banded together to support the Government’s National Vaccination campaign by championing the economic benefits of Australia hitting its vaccination targets.

On Friday the big four professional services firms launched the “Vax Return” initiative through a major newspaper advertising campaign that will highlight the role business can play in helping the country end lockdowns and open its borders through an 80 per cent vaccination rate.

The firms’ chief economists jointly estimate that the Covid-19 pandemic has cost the Australian economy more than $170bn since it began – but also predict a $30bn sugar hit to economic growth within the first three months of fully opening up.

Although none of the four firms are currently mandating vaccines for staff, they have been on the front-foot in encouraging employee vaccinations through special leave and other incentives.

Progress in Covid vaccinations.

Deloitte Australia CEO Adam Powick said the immediate economic benefits of opening up underscored the importance of hitting the vaccine targets.

“Vaccination is essential if Australia is to emerge as quickly as possible from disruptive cycles of lockdowns and to commence the urgent task of reopening our country,” he said.

“As a firm and a profession, we are strongly encouraging and supporting our people to get vaccinated and the response to this call has been overwhelmingly positive.

“We have now come together as a Big 4 group of firms to convey our collective support for the national vaccination program as this is a critically important foundation for the economic and social health of our nation.”

PwC Australia CEO Tom Seymour says his employees are enthusiastic about getting vaccinated and returning to work.

EY Oceania CEO David Larocca said hitting the vaccination targets would help end the social disruption caused by lockdowns.

“The lengthy lockdowns in many parts of our region, separation from loved ones and impact on lives and livelihoods has been hard,” he said.

“There is light at the end of the tunnel though as we move towards 70 and 80 per cent vaccination rates.

“Resuming the activities and reconnecting with the people we miss is predicated on achieving these levels of vaccination across the community.”

KPMG Australia CEO Andrew Yates said he believed “it’s overwhelmingly in the best interests of our society that people get vaccinated as soon as possible, and allow our economies to re-open,” while PwC boss Tom Seymour said his employees are scrambling for a return to normalcy.

“Our people are getting vaccinated, they want to get back to our offices and client sites, and get back to normality,” he said.

“Safe reopening will bring significant economic gains for our country — a $30bn benefit in the first three months. Let‘s get this done together.”

The Vax Return campaign website will provide free information for businesses on the benefits they can unlock when the national vaccination targets are reached.