2020 CEO Survey: Tom Seymour, PwC Australia

We won’t really know the state of the economy until the majority of the stimulus is gone, says PwC Australia chief Tom Seymour.

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

Australia is a very resilient country and in a crisis people come together.

Showcasing the role of authentic and open dialogue from leaders.

Trust your people.

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

The economy is better than I thought it would be but it’s still risky and we won’t really know until the majority of the stimulus is gone. Longer term we don’t know the ability of the economy to grow enough to repay debts.

What three reforms are needed to sustainably grow the economy?

A whole range of micro-economic reform is needed, starting with the need to digitise all levels of government and business. Australia is well poised to take the opportunity to lead the world into the modern era.

Deregulation to shift from regulation to innovation. We need to move from the mindset of controlling bad behaviour to unmasking growth.

Australia kept COVID-19 under control but is an island and needs to head back into the global network, which means we need to work on quarantine and other measures to help us rejoin the world.

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

Infrastructure and transport will be big drivers, cyber is a big issue and it will be a strong deals market once the stimulus disappears.

What impact will digital transformation have on your company?

Digital transformation will make PwC smarter, faster and far cheaper. Importantly I hope it translates to a better life experience for our people so maybe they can go home an hour earlier. COVID-19 was a reset to a better lifestyle — no more 6am flights three days a week.