2020 CEO Survey: Shayne Elliott, ANZ

We need to be more nimble than ever to respond to unexpected events, says ANZ chief Shayne Elliott.

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

Clearly 2020 has been a year of extraordinary challenges for many of our customers and the entire nation. It’s also provided an opportunity to rethink how we operate and to help our customers prepare for the future.

We need to be more nimble than ever to respond to unexpected events.

One of the other significant changes from this year is how big companies like ours think about workplaces. We’ll see a substantial shift in what the office looks like and how people use those spaces.

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

We are cautiously optimistic. The economy is certainly finishing 2020 in slightly better shape than most people thought it would, which is quite extraordinary. It wasn’t that long ago people were panic buying, lockdowns were starting and property prices were predicted to slump. In fact, the worst predictions haven’t really come to pass this year, mostly due to the large volume of government support.

What three reforms are needed to sustainably grow the economy?

There’ll be no going back to what things looked like pre-COVID-19. We have to move forward and help shape what a contemporary Australian economy will look like. We should embrace the community’s willingness to change and the resilience it has shown this year to start building an economy that can provide high value jobs for people — a more resilient economy with more secure employment.

If we focus on education, skills, sustainable energy and fostering more innovation, we will lay the foundations for a stronger future.

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

Sustainable finance. We’re a leader in this space already and the opportunity is only going to get exponentially bigger in coming years as the market comes to grips with the enormity of the challenge. If you just consider the amount of new wind, solar and battery capacity to be built in coming decades, there is going to be a tsunami of activity. We’ve signalled our intention by outlining our new climate policy, which investors have received very well.

Open Banking will be another big opportunity.

We can also benefit from improvements to the way people move capital and goods around the region. As we come out of the pandemic, companies are going to re-examine the way they do business across the region. Our existing relationships with many of those companies means we are well placed to help them with those changing needs.

What impact will digital transformation have on your company?

It has already had a significant impact, driven in no small part by our customers’ willingness to embrace digital technology and services.

There is a lot more to do and while this presents a challenge, it is also an important moment for us and the entire industry. This year has shown us just how fast things can change and how effective some digital technologies have been in keeping things moving in the middle of a health crisis through things like contactless services.

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

We’ve been sheltered from the worst of the economic impact of COVID-19 due to the rapid and effective government response. Whether it be JobKeeper, JobSeeker, HomeBuilder or other programs, you have to give them credit for responding quickly, at scale and for being willing to change. They’ve shown remarkable flexibility and I hope they continue to do so.