The KPMG study revealed 73 per cent of Australian CEOs had a higher level of confidence in the global economic outlook and 85 per cent plan to increase their organisation’s headcount through to 2018.
Notably, most of these Australian CEOs surveyed are in non-mining industries, where growth has only recently shown signs of a more convincing improvement after years of persistent weakness.
KPMG’s Australian chairman, Peter Nash, said the weaker Australian dollar and looser monetary and fiscal policy are home-grown forces supporting a lift in business initiatives and enthusiasm.
“Plans to increase headcount over a three-year horizon are especially encouraging for sustained private sector growth and consumer spending,” Mr Nash said.
“Notably, the confidence evident in this survey springs mostly from the non-mining sector, a sign that the current transition from mining to non-mining activity is set to continue in the years ahead. That is essential for Australia’s economic prosperity.”
Australian CEOs highlighted lifting productivity, keeping pace with shifting customer expectations, creating organically-driven growth and focusing on potential new growth in the domestic market as anticipated priorities for the years ahead, with 77 per cent describing operational efficiency as vital to their company’s wellbeing in the next three years.
“Australian CEOs continue to work on eliminating the inefficiencies that had entered companies in the pre-crisis years and have focused on achieving cost efficiencies,” Mr Nash said. “A wide range of companies have upgraded their existing efficiency programs or implemented new programs, including new technologies.”