2020 CEO Survey: Marnie Baker, Bendigo and Adelaide Bank

Australia’s response to this unique crisis has been swift and robust, says Bendigo and Adelaide Bank chief Marnie Baker.

What are the three enduring lessons or changes to flow from COVID-19?

The crisis has proven all parties across the economy have the ability to unite, co-operate and work together effectively and efficiently. This will need to continue in the months ahead if we are to successfully meet the challenge of rebuilding our economy.

The agile businesses that adapt to these new demands will be the ones that succeed and feed into a more resilient business sector and economy in the long term.

I’ve long subscribed to the view that people should live where they love, not necessarily where they work, so I see a growing preference for lifestyle over proximity to a traditional office continuing to shape business and continue to drive productivity.

How would you rate the shape of the Australian economy as we head into the new year?

We expect market conditions to remain challenging in 2021. The resilience of Australians and Australian businesses and how they have responded to the events of this year has further bolstered my confidence in our ability to bounce back stronger next year.

The rebound next year should be strong and in line with the Reserve Bank’s forecast of 5 per cent GDP growth over 2021.

What three reforms are needed to sustainably grow the economy?

Reviewing taxation, industrial relations, investment in education and skills, and infrastructure planning to help drive prosperity.

Assisting households, businesses and the more vulnerable parts of our community through a mix of infrastructure spending (including social housing) and support measures for SMEs and impacted sectors (such as tourism and hospitality) to generate a more equitable recovery. A rising tide should lift everyone and leave no one behind.

Rethinking our regions and the future roles they can play in Australia’s economic recovery.

What are the three best growth opportunities for your company in 2021?

Our strong growth is a direct product of our strategy to reduce complexity, invest in capability and tell our story. Our distinctive strengths of human connection, grounded in purpose and embedded in community, partnering capability, and track record of innovation, continue to provide customer value and growth opportunities.

We expect to continue to see growth opportunities in our key priority markets: small business and middle-market, agribusiness, couples, families, professionals and savers, and millennials.

What impact will digital transformation have on your company?

Innovation is at the core of everything we do, so as to ensure we remain relevant in the eyes of our customers.

We know our customers want personalised solutions, and they want to be able to access them anytime and anywhere.

How would you rate business, state and federal government performance this year?

Despite all the uncertainty that swirled around us in 2020, one thing is certain: Australia’s response to this unique crisis has been swift and robust.

Australia quickly identified the length and depth of the inevitable COVID-19 recession would largely depend on the speed and effectiveness of its virus containment and fiscal policy responses. To date, it has delivered on both.

The level of co-operation all financial institutions, government, reasury and regulators has been unprecedented.