The sands have shifted beneath our feet in 2020 with the COVID-induced recession. Many sectors that had been left to their own devices are now key for our recovery. Sovereign capability. Jobs. Digital economy. Modern manufacturing. Renewable future. Deregulation. Innovation. These are the terms on everyone’s lips as we settle into COVID normal.
If you look at industry contribution to GDP over the last decade, there is significant room to move to get a better balance between the heavy-hitting knowledge economy and our production sectors. For instance, technology represented less than 2.5% of GDP in 2019 – in a digital economy, surely we can expect this to grow more steeply?
In particular, our clients in the mid-sized sector have a significant role to play in this future economy. They are nimble and entrepreneurial at heart, and many of our clients have already embraced the change that COVID has wrought. In our Mid-Sized Business Report from 2019 we revealed that mid-sized business punched well above its weight in terms of contribution to the economy – and this was without the political and policy benefits afforded to small business or the resources of the very largest companies.
What do we cover for your industry?
- A focus on sovereign capability could transform the agribusiness, food and beverage sector
- The education sector will underpin the Government’s plans for economic recovery
- The potential for the energy sector to transform our economy is huge
- Our financial services sector is resilient but it’s not a bottomless pit
- Is there cause for health sector optimism in a COVID-normal world?
- The sector is on hold. But aged care providers cannot wait.
- Investment in manufacturing is a boon for the life sciences sector
- Sovereign capability and a manufacturing renaissance
- Not-for-profits are an essential service in need of a better framework
- Professional services is the oil in the engine of economic recovery
- Opportunities for real estate & construction outside of the big city centres
- It’s time to remove the great blind spots in our resource sector
- COVID-19 sped up changes already afoot in the retail sector. We can adapt.
- The technology and media sector can lead the new digital economy
We hope you enjoy this report – which is both reflective and future gazing. With another Budget in May 2021 and a Federal Election as early as October next year, we know there will be more from the Government to help navigate this new normal. There is opportunity on the horizon.