Message From The Chair – October 2020

Message From The Chair – October 2020

01 October 2020

Dear Members,

I am pleased that despite the difficult times, the G100 has continued to host regular events bringing important information to members. We have focussed on issues important to CFOs and their teams.

Last week, we held our annual political engagement event, this year online. As you know, each year we alternate the focus between Government Ministers and Opposition Shadow Ministers. This year was the turn of the Opposition. For those of you who were unable to attend we heard from 12 politicians. While the Opposition has a different approach on many issues as you would expect, it was pleasing that they were often positive rather than simply attacking the Government.

Much of the discussion revolved around the pandemic, what it has done to the economy and how we might get out of the recession it has caused. There were obvious disagreements with the Government on superannuation, the roll out of the NBN and whether JobKeeper and other support payments should be kept for longer.

There was constructive discussion on boosting aggregate demand, the future of work, adoption of new technology, manufacturing opportunities as a result of the virus, lowering emissions, energy policy and ways of dealing with the collapse of capital expenditure.

We had also invited a couple of Government backbenchers, from them we heard about the opportunities fintech provides, the rising power of industry superfunds and a sensible proposal for dealing with class actions being taken due to company disclosure.

We look forward to hosting the next Political Engagement Day in Parliament House. For those of you who attended the political sessions, a brief survey has been attached, we would appreciate your feedback if you could spare five minutes.

TAKE THE SURVEY >

In other news, the survey period on the Payment Times Reporting Framework has ended.  We are expecting feedback from PwC on the guidance material (examples, flow diagrams, checklists and FAQs). When this is received, we will circulate it to members. The G100 has some concerns over definitions used in the scheme. We are continuing to work with CA ANZ on making representations to the Government to have these addressed. We are hosting a webinar on 2 November from 11am to Midday where we will canvass issues for members. Further information will be sent to members in coming days.

Finally, a reminder of the events we have scheduled in coming weeks:

  • Post-budget webinar on 7 October from 1.00pm-2.15pm.  This is being hosted for the G100 by Deloitte.  We will be hearing from Deloitte Access economist Chris Richardson and well known Non-Executive Board Director and Board Chair, Gordon Cairns. They will reflect on the budget and the economic recovery plan. Click to register >
  • CFO Live congress on 29 October which runs all day.  This is being run in conjunction with the Australian Financial Review. This will be held in person for any members who are able to be in Sydney and will be held online for others who can’t get there. Purchase tickets here >
  • Future of the Finance Profession on 10 November.  This webinar is being hosted for the G100 by PwC. It will examine what do we need to do to operate effectively in the future as technology and circumstances keep changing, how we evolve the finance function to cope with future pandemics, dealing with artificial intelligence and the growing threats of cyber security.

Kind Regards,
Janelle Hopkins
Chair Group of 100