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In a changing world where organisations are trying to ensure that they are robust, that their business model is agile, and where we have large amounts of complexity, it's really important that people understand the risks and opportunities facing their businesses.
That's what over the last 3 years KPMG has undertaken research to understand the risks that underpin the Australian economy. This piece of work we've presented in the Australia Report 2012.
For the last three years KPMG has collaborated with the ADC Forum to understand the risks that are facing the Australian economy from the perspective of their likelihood and their severity.
What we've seen of the last three years is quite a shift in the risk profile facing Australia, from three years ago where as a very strong focus on climate and the impacts of climate change; our last report highlighted economic challenges and issues as they are impacting Australia; and its really interesting to see that our current report highlights the integration of the issues around climate and around severe economic issues.
The key risk to be highlighted in our research was around climate change – notability the impact of flooding, storms and cyclones.
The second risk is inadequate R&D investment. It's really interesting to see how this risk has increased in importance to the Australian economy.
The third key risk is major trading partner weakness. This really underscores concerns around the strength of the economy in the US and China and the potential impact that could have for Australia.
The final two risks are around infrastructure fragility and demographic challenges facing Australia. These have been pervasive through the last three years.
By understanding these interconnections it really enables businesses to understand not how one event could impact them, but how a series might impact their business. Therefore, allowing them to become robust and more agile and importantly to also identify the opportunities that might exist for their business.
Importantly in our report we haven't just focussed the risks we've also spent some time trying to understand what are the opportunities that this environment might open up for organisations. Some of our key findings include focussing on the infrastructure challenges and really moving Australia forward in terms of investment; looking at opportunities for example to become far more involved in global food production, and also to look to solve some of our demographic challenges and workforce participant challenges therefore giving us greater productivity through the Australian economy.
It is our hope that the Australia Report will be a valuable tool for boards and management as they undertake their strategic planning processes. I would encourage you to download a copy of our report from kpmg.com.au
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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.