2020 CEO Survey: Matt Comyn, Commonwealth Bank

The year 2020 has proven we can achieve great results when we all work together, says Commonwealth Bank chief Matt Comyn.

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

The year 2020 has demonstrated that we can achieve great results when we all work together, through clarity of purpose, alignment of focus and strong management of outcomes. Examples include the community co-operation to bring the virus under control, targeted fiscal, monetary and regulatory actions to support the economy, and the actions taken across a whole range of businesses to support the broader community.

Despite its challenges, 2020 has also shown how we can unlock enormous discretionary effort and innovation when there is a clear sense of purpose and urgency.

The year 2020 has been a good reminder to appreciate the most important things in life, starting with health, family and friends.

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

Against almost every measure — confidence, GDP, unemployment, house prices — the state of the economy is substantially better than we would have expected six months ago. This has been the result of a huge community effort to bring the virus under control, and unprecedented fiscal and monetary intervention to support the parts of the economy most in need. The private sector has played a very positive role here as well in supporting customers and the community.

Despite this, the effects are still being unevenly felt, and we are acutely aware that there are some businesses and individuals still doing it tough. We also expect that the first half of next year may be the toughest economically, and so even though the outlook is very positive, we need to be prepared for a range of different scenarios.

What three reforms are needed to sustainably grow the economy?

Equipping the younger generation with the skills they need as the economy transitions to a more digital future. This means a greater emphasis on learning and skills development in schools, universities and training centres by both government and the private sector. Given our relative outperformance against both health and economic measures, Australia has a unique window of opportunity to bring highly skilled migrants into the country, including expats who have been overseas. A variety of reforms can make Australia an even more attractive destination. Reforms can also help bring more dynamism and productivity into the economy – for example following the lead of NSW beginning to remove inefficient taxes like stamp duty mean that capital can move more freely in the economy.

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

When Australia does well, the Commonwealth Bank does well. We see a real alignment of interests between growth in the economy and growth for the Commonwealth Bank in three areas: supporting small businesses to grow and invest for the future; helping to build Australia’s future economy; and improving financial wellbeing and customer outcomes through technology and innovation.

What impact will digital transformation have on your company?

Digital is changing our customers’ lives and how they choose to interact with us. This change has already been profound and is ongoing. We’re already investing $1bn a year to ensure we offer the best digital experiences, supported by the market leading technology. Our goal is to build deep, trusted relationships with our customers. This will primarily occur through our digital offering and we will also continue to support our customers through access to the largest branch network and our Australia-based call centres.

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

The constructive working relationship between governments, regulators, industry and the community, has been a real hallmark of 2020. It has underpinned much of our relative success compared to other nations on both economic and health outcomes. Clearly there have been differences of opinion at various points in time, however governments, industry and the community all have a good deal to feel positive about.

1