Coronavirus: Sam Mostyn says governments must prepare the community for change

Sam Mostyn says the coronavirus pandemic will leave its mark on Australian business and society. Picture: Britta Campion.

Prominent corporate director Sam Mostyn says the massive changes brought on by the coronavirus pandemic give us the opportunity for a reset in business in business’ relationship with the wider Australian community.

In an interview with The Australian, she also welcomed the federal government’s health and community initiatives as a “strong first step.”

Mostyn, who sits on the Transurban and Mirvac boards and is a former senior executive at Optus and IAG says the government needed to prepare the community for lasting change.

Governments can “take this opportunity to ensure there is a new normal, not that we will simply return to the economic status quo post the crisis.

“Our community will not be the same as the one that entered this crisis and we all need to be wary of promising that”.

Mostyn, who is also deputy chair of the Centre for Policy Development, says “it’s not just the rate of future growth that is important but it’s the shape and direction across the economy”.

Her comments reflect a widespread view across corporate Australia about the nature of the recovery from the virus. Former Optus chief and Singtel executive Allen Lew told the The Weekend Australian that “this is a great chance for a reset.”

A reset in business can have a positive impact on Australian society once the pandemic threat, Mostyn says.

“We should not lose this remarkable moment to collaboratively rebuild our uniquely Australian society and an economy that can deliver for all,” she says.

Mostyn says “our focus should be on how we work together now to ensure that we rebuild an economy that works for all including our most disadvantaged and that can make us better prepared for systemic shocks-and that above all supports Australia’s community cohesiveness and connectedness”.

She also welcomes the new emerging partnerships and coalitions being fostered amid the crisis as with that between ACTU President Sally McManus and Industrial Relations Minister Christian Porter.

“The coming policy on wages subsidies has a better chance to ensure that business and workers are not being left behind,” Mostyn says.

“More still needs to be done to ensure that this considerable public investment boosts value through the crisis and during our recovery.”

The implementation of business and economic support measures have the potential to boost trust in the government and grow stronger community engagement to help the recovery effort, she says.

“There is no doubt that the future will and should look very different. No longer will the headline growth of GDP be the barometer for the health and resilience of our society and the economy,” Mostyn says.

“The Australian community entering the crisis was already vulnerable with so many reeling from the consequences of the prolonged drought, heat catastrophic bushfires and damaging storms.

“That trauma opened the way for new policies and collaboration on more reliable energy systems, climate action, youth unemployment, domestic violence and the country’s mental health.

“Right now we should be focusing on those things that contribute to a strong Australian society using the full strength of innovative public and private sector interventions necessary to achieve that.”

She cited the work the insurance industry had done on disaster preparedness ahead of the bushfire crisis.

“Disaster proofing and preparing for catastrophes helps to build community resilience,” she said.

Prime Minister Scott Morrison has been promoting a new government coronavirus app was developed with the help of Atlassian and Facebook and says Mostyn says this shows a welcome inclusion of new economy support for the recovery effort.

She also notes the recent Edelman Trust survey which showed people trusted business and civil society more than government.

“Australians believe democracy is a force for fairness and equality and say they would throw their support behind changes that gets government and the economy working better for the community. Governments can take great comfort at this time of extreme crisis that Australians share a desire to improve the lives of others and tackle our biggest problems together.”