2020 CEO Survey: Robert Bedwell, JPMorgan

We have been able to accomplish far more than we originally thought possible

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

Supporting our clients, and our ability to remain nimble and respond to their needs quickly and prudently, putting our capital and liquidity to work to help them, will be an enduring legacy.

Since the beginning of the pandemic, we have been able to accomplish far more — and far more quickly — than we originally thought possible, thanks in large part to our exceptional employees. We also recognise our responsibility to support both their professional and personal lives now more than ever.

Finally, we realise the significance of our role — and that of all businesses and governments — to work towards the common good and to help rebuild a more inclusive economy; one that creates and provides widespread access to opportunity for far more people, especially for the most vulnerable in our community.

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

Australia is in better shape than most, thanks to a combination of good fortune and COVID-19 management. The management of the pandemic ensured a nationwide lockdown was shorter than the majority of the developed world, limiting the permanent damage to businesses and households. But, there are still challenges ahead, particularly as government support to household income winds down. We expect unemployment to remain too high, and inflation to be consistently below the RBA’s target band, requiring low interest rates for some time. The burden will be on policymakers and the corporate sector to stay bold, inventive and supportive.

What three reforms are needed to sustainably grow the economy?

Tax reform, more infrastructure, and a renewed focus on innovation. Any mechanism to lower marginal rates while broadening the tax base would help maintain our competitiveness and provide additional incentives to grow.

Infrastructure is always in demand, and although a lot has already been done in recent years, there is scope to do more, particularly in a deep economic downturn. This ties into the innovation agenda, where we need to provide both physical infrastructure to support new ideas, and find ways to remove administrative constraints to growth.

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

Our custody and markets franchises are well positioned to support our superannuation and asset manager clients as they continue to grow and invest offshore. Similarly, we see opportunity in payments and in leveraging our global execution capabilities across capital markets and mergers and acquisitions to bring high quality ideas to local clients.

What impact will digital transformation have on your company?

Technology, alongside people, is the structural foundation of our business. Innovation in banking demands a unique blend of scale, speed and sustainability. We’ve been investing in technology — consistently and at scale now — for a very long time.

We continue to work with fintech partners and we’re very focused on thinking creatively about next-generation transformation and the ways that our businesses will change over the next five to 10 years.

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

Governments have faced enormous challenges and should be commended for their decisive approach. The Australian policy fraternity has a strong reputation for crisis management, and this year provided another demonstration of that.

Now the task turns to driving more sustainable growth, tax reform, more infrastructure, and a renewed focus on innovation. Australia has an opportunity to capitalise on the changes to business practices that COVID-19 has accelerated and dramatically improve its competitiveness as a regional finance and technology sector.