2019–20 ANNUAL REPORT CEDA ANNUAL REPORT 2019–20 3 4 8 14 18 22 24 26 27 34 10

contents Governance report Financial Summary report Chairman’s report Chief Executive’s and Policy Research Membership Events affairs External report equality Gender ur cross-sector membership spans spans membership ur cross-sector

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Influencing Cr F Und recommendations and advocating in support and advocating recommendations of our positions. faces. Australia of critical issues. policy solutions. Australia Melbourne 3000 3544 3 9662 +61 Telephone: [email protected]: ceda.com.au Web: • and compelling evidence delivering by decision makers institutions. and academic state and territory. every Douglas Sir economist leading by 1960 in founded was CEDA practical to analysis economic applying of legacy His Copland. our drive continues to of Australia thedevelopment aid to problems work today. of Australia Development for Economic Committee – the CEDA Spring Street 3, 271 Level • debate inform,stimulate ideas and promote eating platforms to • and progressive innovative inspire acilitating collaboration to • understandthe mostimportant to ertaking issues research About CEDA About is – of Australia Development for Economic the Committee – CEDA an independent, membership-based think tank. issues that matter for Australia’s identify policy purpose to is CEDA’s better economic and social and pursue solutions that deliver future good. outcomes for the greater on our purpose by: deliver We About this publication this About Report Annual CEDA 2019–20 ISSN: 1832-8822 website: www.ceda.com.au on CEDA’s This publication is available Design Zwar Robyn Designed by: library photo CEDA iStock, Photography: © CEDA 2020 © CEDA CEDA has almost 700 members including leading Australian has almost 700 members includingCEDA leading Australian departments government organisations, community businesses, 2019–20 at a glance

A vibrant program of digital events and content 25,000+ LIVESTREAM VIEWS

Starting policy conversations that matter through new and traditional media

More than 100 public events and 140 Trustee briefings 5.5 MILLION across Australia with SOCIAL MEDIA IMPRESSIONS R 111.6% over 22,000 attendees Impactful, timely research 6600+ A membership base MEDIA MENTIONS of almost 700, including ALMOST ALMOST 750,000 leading organisations 15,000 REPORT WEBSITE VISITS R 72.1% and businesses DOWNLOADS

4 5 CEDA ANNUAL REPORT 2019–20 7 VIEWS

25,410 MEDIA MENTIONS RESEARCH RESEARCH ANALYSIS and 4000+ PERIOD LOCKDOWN THE COVID-19 ACROSS LIVESTREAM LIVESTREAM EVENTS

24 MEDIA response

COVID-19: Plotting our economic Plotting our economic COVID-19: COVID-19 Research Research and analysis economic the urgent address to its research of the focus shifted CEDA April, CEDA In pandemic. COVID-19 the issues raised by policy social and released an information paper by the argued that Smith, Greg former Policy, Economic on Council CEDA’s Senior of member Treasury Official and Federal Government should release an economic statement in lieu of the Federal Budget that had been delayed. The government went on to release trade on a paper published June, CEDA In in July. this nature a statement of in the post-pandemic world from Melbourne Business School of Professor International Trade, Gary Sampson. Across April and May, CEDA Chief Economist, Jarrod Ball, published a three-part series on how COVID-19 had import dependence Australia’s on debates inform to chains supply affected sector. of our manufacturing the future and provide to engagement digital of channels new harnessed also CEDA podcasts The three lockdowns. the national analysis during insight and Good, The Greater Corner, in 2019–20, The Economists’ introduced CEDA different address guests to of range a wide hosted all lowdown, The and COVID-19. by precipitated social problems aspects of the economic and Online events events, of program usual CEDA’s to halt a put lockdowns As nation-wide 2020 that March late from events digital series of a introduced CEDA Highlights COVID-19. issues raised by the most pressing of some addressed include program events digital the of 1000 viewers was reported and several on by , which attracted over recovery , a discussion major media outlets, and Mental health in the time of COVID-19 that drew CEO Cilento Melinda CEDA and AC between the Hon. trustee of roundtables its program also brought 2000 viewers. CEDA over online, hosting 29 virtualin 2019–20. roundtables State digital first CEDA’s in culminated program events online 2019–20 The government, leaders from brought that event a two-day forum, the Nation of future discuss Australia’s to together advocacy and business, academia during and after COVID-19. Speakers at the forum included Prime Minister of Australia, the Hon. Scott Morrison, Federal Leader Anthony of Albanese; Austrade the Chief Opposition, Executive Officer, Dr StephanieFahey; and AGL Managing Director and CEO, Brett Redman. program. the course of the two-day over online the event watched Over 4000 people CEDA adapted quickly to the challenges presented by COVID-19, COVID-19, by presented challenges the to quickly adapted CEDA creating of online events, program innovative an introducing and essential timely and producing streams content new digital analysis. and research 6 Chairman’s report

My first year as CEDA Chairman has proven to be far more In what has been any incredibly tough year for all, I am very proud of the challenging than I could have imagined when I assumed the way the CEDA team, led so ably by CEO Melinda Cilento, has worked to role last November. It is an understatement to say that feels like reshape the organisation and their preparedness to be bold in doing so. a long time ago now. The support and contribution of my colleagues on the CEDA Board and members of CEDA’s State Advisory Councils – an integral part of our As the immediate impacts of the COVID-19 crisis began to be felt, CEDA network – has been pivotal in ensuring these changes deliver the right very quickly recalibrated its events and briefings – important cornerstones outcomes. I have also greatly appreciated the support of past Board of our day to day activity – to provide digital offerings through livestreams members and ‘friends of CEDA’, and have had more than a little opportunity and virtual roundtables. to reflect on the benefits of taking the reins of an organisation in a strong Importantly this enabled us to respond to the needs and interests of our financial position. members at a time of great uncertainty, providing up-to-date expert opinion Finally, and most importantly, I want to acknowledge the tremendous and insight in a rapidly evolving landscape. Member support for this digital encouragement we have received from CEDA members who have continued shift, as well as the COVID-related research and blogs introduced, has been to support and work with us to ensure we can deliver on CEDA’s purpose. overwhelmingly positive. I am pleased that CEDA has remained important and relevant to our members throughout these challenging times. Conclusion Despite this success, it became clear to CEDA’s Board and management There is no doubt that 2020–21 will be a difficult year for CEDA and for that a more substantial reshaping of CEDA’s operations was needed to many of our members and stakeholders. address near and long term impacts of the COVID-19 crisis and resultant economic recession. I am confident that the reshaped structure and focus of CEDA and its activities will ensure we can continue to deliver for our members, have the We responded by accelerating important changes that were already in agility to respond to evolving challenges and opportunities, and retain our train to deliver greater impact through our research, and engagement and financial resilience. collaboration with members and stakeholders. CEDA will also have greater capacity and capability to tackle the most These changes are targeted squarely at amplifying CEDA’s core purpose: pressing policy issues and positively shape economic and social delivering a clear and strong non-partisan voice addressing the national development in Australia. This will be vital to Australia’s recovery. economic and policy issues that matter most for Australia’s future.

In this, CEDA’s 60th year, I am proud that our priorities and focus remain true to those laid out by CEDA’s founder, Sir Douglas Copland. Sir Douglas

was one of the great figures in Australian economic policy and education CEDA following WWII. In CEDA, he sought to create an organisation focused on the long-term, an organisation that could speak for an open, enlightened Diane Smith-Gander AO Australia. Striving to lift CEDA’s policy voice and impact, consistent with Sir Chairman, CEDA ANNUAL REPORT 2019–20 Douglas’s legacy, is an objective that the CEDA Board has embraced, and it provides the foundations for our new ‘one CEDA’ structure and approach.

These changes allow CEDA to significantly ramp up research and policy analysis and enable deeper member engagement through partnership and collaboration opportunities that will support a sustained focus on tackling critical policy challenges.

The scale of these challenges is greater than ever, but so too is the scope for opportunity to set new policy agendas that can connect more Australians to economic progress. CEDA, with the support of our diverse members, must be integral in driving positive and pragmatic solutions to these complex challenges. I am confident the changes that the Board has overseen will contribute to this, while also underpinning CEDA’s long term financial strength and resilience.

8 9 CEDA ANNUAL REPORT 2019–20 11 , the first of first the , , a report added that report. Based on a survey of over Company Pulse Disrupting disadvantage: setting Disruptingthe scene disadvantage: Effects of temporary migration Effects Research July we launched In of impact the around debate the to analysis and rigour much-needed temporary immigration on jobs and inaugural our released the economy. In September, we 3000 business leaders and members of the business to the community expects importantrole what on conversations public, this report sparked business leaders. In views of the with aligned that how society and in play we released November, of issue the to responses policy new find reportsplanned to seek that three persistent disadvantage. with the important deal to policy has increased output 2020 our research In ramificationsof the COVID-19 crisis. We initiated a new COVID- of the impact coming back Recovery: better, which has addressed research series, consider issues to on will go and supply chains and trade Australian 19 on labour the and services, human of digitisation the Federation, the to relating market early in the new financialyear. 2020–21 will be another challenging year, I am confident that our strong reserves position coupled with the significant organisational in 2020–21, CEDA positions effect into coming in late June and announced reshaping on its purpose. its members deliver and to value provide to continue well to in review Year Programming and content Prior to the lockdowns, CEDA hosted over 100 briefings events around and Australia 140 in 2019–20. Trustee Highlights of our program events included State of the Nation 2019; our 2019 Annual which Dinner, featured a keynote address from Federal the Treasurer, Hon. Josh Frydenberg; our 2019 State of the State program, which hosted five program of State business events Premiers; that featured our guests such as Andrew Forrest AO; and our 2020 EPO launch Rudd Kevin Hon. the Australia, of events, Minister Prime Former including speakers which hosted many high profile and IMD World Competitiveness Centre Director, Prof. Arturo particularly Bris. proud I of CEDA’s am ability to produce a fully digital State in resulted which uncertainty, considerable of face the in conference Nation of the of participation. levels record expanded CEDA’s COVID-19 initiated digital program has attracted signifi- our livestream Alongside CEDA’. to many ‘new including audiences, cant new podcast virtual three introduced roundtables, CEDA program, and quantity of our blog content to the breadth series and increased further our most importantthe on keep and conversations policy topics date. up to membership base engaged and

Chief executive’s report executive’s Chief Financial result the but the prior year, over income increased research Membership and suspension of face CEDA’s to face events program significantly impacted 17.6 per by declined revenue overall income, and sponsorship and event cent from the previous financialyear. Against the backdrop $930,000, of of deficit a a relatively in resulted revenue in collapse the base, cost fixed high first deficit in 10CEDA’s years. the COVID-19 entered CEDA result, a disappointing While this is obviously crisis with a significant financial buffer, which has enabled us to manage these current difficulties and continues to hold us in good stead. While In CEDA’s case, this is exemplifiedby the two State of the Nation events we ran in 2019–20. The first, our 40th annuallast September, State brought leaders from every state ofand from the a broad Nation, held range of sectors to Parliament House for two days leading Australia’s of convening tradition of the best of CEDA’s It embodied discussion and debate. tackling long term and issues. thinkers The second firstwas digitalCEDA’s State of the Nation. One of our largest livestreams ever, with more than 4000 viewers, it and showcased discussions speeches with Prime Minister, the Hon. the Opposition Hon. Leader, Anthony Albanese, and many more, Scott examining Morrison, Federal response. pandemic the lens of the urgent issues through for through cut greater building on focused we year the of half first the Over events of program strong a maintaining work and policy and research our and member forums. While we achieved that, our financial was mixed. performance of as a result in early March face events The cessation of face to performance and revenue on our improving brakes put the COVID-19 we very quickly result, As a response. substantial and rapid a required content our research expanded digital events, of program a full introduced and implications of COVID-19, emphasis on the impacts and with a strong priorities accelerate strategic to operations our reshaped and streamlined in train. already support better engage with and These us to changes enabled our members economic and social better creating of mission furtherand CEDA’s in operations our of streamlining The good. greater the for outcomes support of financial resilience and a sharper focus on strategic with of resources model, saw a rebalancing CEDA’ a ‘one priorities program through overall. headcount but reduced some new positions created, For CEDA, like the rest of the world, 2019–20 was a year of two year a world, 2019–20 was of the rest the like CEDA, For halves. 10 CEDA ANNUAL REPORT 2019–20 13

Conclusions implemented this that changes of the magnitude It goes saying without the supportbeen possible without not have of the CEDA would year Chairman and Board and I would like to thank them for their time, energy the personal costs acknowledge to also like I would commitment. and those who departedthank again and restructuring associated with our the CEDA. to for their contribution organisation from way a long in 2019–20 are outcomes delivered While many of the the and achieve to managed we have we expected, the results where team. I would CEDA’s testament to are for the future solid foundations for CEDA passion and work, resilience thank them for their hard to like me to the supportacknowledge and the leadership team has provided personally. as any perhaps as great are at present Australia The challenges facing While 60-year not history. wanting in to downplay CEDA’s the difficulties of 2019–20 the changes we have following or the challenges ahead, its part playing in Australia’s CEDA to implemented, I look forward Australia’s shape positively our purpose to against delivering and response I will be working The team and economic development. and social future meet of our the expectations to do just that and to ahead in the year hard members. Melinda Cilento CEDA Chief Executive, Chief executive’s report executive’s Chief The work done to lift CEDA’s voice and impact into the future is already is already the future into impact and voice lift CEDA’s to done The work producing results. We have seen a significant increase in media and public 2019–20 shows the importancethat through of our on CEDA attention engagement media mentions, social times. Media these turbulent work in financial past the over markedly increased all have downloads research and year. Our reach Membership While we never take our members for granted, it is during the most difficult even on members takes our of contribution the that times challenging and greater significance. Noneof the work we have doneto meet the COVID- our members supporting possible without been have would 19 challenges us with their ideas, participation, viewing economic pursue better social and sustainable and to desire the shared and sponsorship. Put simply, our success underpins impact. and interest outcomes in the national Against the backdrop of incredibly challenging the continued by encouraged and inspired been we have circumstances, personal and financial am and appreciated have note, I members. a personal our On of backing CEDA from received messages I have and very feedback for the grateful taken have that the many changes to trustees members in response and place at CEDA. This year has been an unprecedented one and the work CEDA has done has the work CEDA and one unprecedented been an has This year possible been without not have would meet the challenges of COVID-19 to we effortsabove, As noted people. our of the tremendous resilience and mission core CEDA’s closely on more focus team to our reshaped have ‘one Our of furthering in Australia. development social and economic and research of areas the key around is team now structured CEDA’ partnerships membership, and programming collaboration, and policy, supportcommunications, with teams. operations and people from We retain offices in each of the mainland state capitals and are committed with a have, as we always the country, working with our members across to work. With our new CEDA’s their insights across focus on better leveraging way of working established and a number of new staff due to fillkey roles in the coming financialyear, I believe CEDA is well equippedto deliver on its purpose. People 12 Research and policy

In the 2019–20 financial year, CEDA’s research continued to • The Federal Government should improve the operation of the Skilling address the issues critical to delivering better economic and Australia Fund Levy; social outcomes for the greater good. • The Federal Treasurer should task the Productivity Commission with undertaking a review of the Temporary Skill Shortage visa program every CEDA published research reports on the effects of temporary migration, the three to five years to guide future changes to policy settings. evolving expectations of the role of business in the economy and society, and addressing entrenched disadvantage. The second part in this series will be released in late 2020.

More than any other year, this financial year has seen long-term economic imperatives collide with short-term economic conditions. As the health Company pulse and economic impacts of COVID-19 were felt in Australia, CEDA shifted its research focus to address some of the key implications of the crisis In September, CEDA released a research report based on its inaugural including global trade and supply chains, the Federation, the labour market nationwide poll of over 3000 business leaders and members of the public. and human services. The survey was designed to give us a deeper understanding of community These special COVID-19 topics have been analysed through blogs, expectations of business and the challenges business leaders are facing. livestream discussions, short research papers and contributions from CEDA members and experts in CEDA’s Recovery: coming back better series. Left: Scanlon Foundation and The impact of this crisis and the nature of Australia’s response and recovery Scanlon Foundation Research will shape economic development in the years ahead, and will be a central Institute Chief Executive theme and watchpoint for CEDA’s ongoing research program. Officer, Anthea Hancocks, speaking at the Temporary The foundations of future economic development formulated in Connecting migration research release People with Progress last year continue to inform CEDA’s research agenda. event in Melbourne. These foundations are represented in the five elements of CEDA’s policy Right: Company pulse was stack: (1) Technology and data (2) Workplace, workforce and collaboration released in September 2019 (3) Population (4) Institutions (5) Critical Services.

While the survey highlighted many issues that both the community and business leaders are focused on – perhaps more so than might be expected Temporary migration – it also identified areas of disconnect. Business and the general public agreed that expectations of business have risen. However, scepticism

In July 2019, CEDA released a report on the Effects of temporary migration CEDA remains around whether the behaviour of business has improved, and to better understand the role that migrants, specifically temporary migrants, whether business leaders are seeking to advance national interests or their play in Australia’s economy. The report also discussed the evolution own company’s when they speak out on important issues. of temporary migration in Australia, outlined critical facts and figures, ANNUAL REPORT 2019–20 analysed how migrants contribute to population growth, and assessed their Main findings from Company Pulse 2019 included: impact on the labour market. • More than 70 per cent of the general public agreed that large companies The report presented five key recommendations to improve Australia’s should place equal importance on economic, environmental and social temporary migration policy ensuring the stability of the program in the performance; years to come: • More than three-quarters of survey respondents supported business • The Federal Government should strengthen identification of skill shortages leaders speaking out on issues of national importance, including social and eligible occupations for skilled visas in the skilled occupation list to and environmental issues; increase confidence in the process; • More women than men rank environmental and social issues as higher • The Federal Government should remove the requirement for labour market priorities for business; testing once the skills shortage list process has been strengthened; • Millennials ranked environment, ethical supply chains and work/life • The Federal Government should immediately introduce a dedicated, balance for employees as issues of importance while baby boomers streamlined path for intra-company transfers of employees to Australia; ranked quality products and paying small businesses promptly as issues of importance. 14 15 Research and policy

Disrupting disadvantage – setting the scene COVID-19 and Recovery: coming back better

In November, CEDA examined how Australia can adopt new approaches to In the final quarter of 2019–20, CEDA turned its attention to the impacts of breaking the cycle of entrenched disadvantage. Disrupting disadvantage: COVID-19, the ways they have affected Australia’s economy and the policy setting the scene identified areas where people experiencing disadvantage opportunities these major disruptions presented. might be meaningfully assisted, using this as a starting point for a more systematic approach to addressing the problem. Australia’s trade and supply chains

The report highlighted the following four ways to disrupt the cycle of In April and May, CEDA explored the implications of COVID-19 for the disadvantage: security of Australia’s supply of goods now and into the future and outlined the implications for trade and industry policy. CEDA Chief Economist, • Mobilise data to help those at risk; Jarrod Ball, discussed disruptions to Australia’s global trade and supply • Improve the navigation of services and supports; chains and how policymakers should respond in a three-part blog series, Trade and supply chains: pressure points in perspective, while Melbourne • Invest in a stronger safety net; and Business School Professor Gary Sampson analysed what global trade • Introduce evidence-based monitoring and implementation of new cooperation would look like in the wake of COVID-19 in his paper Trade in approaches. the post-pandemic world. This work is the first in a series of three targeted reports through to 2021. CEDA Council on Economic Recovery Papers CEDA’s Council on Economic Policy comprises some of Australia’s best and EPO brightest policy minds. The unprecedented nature of COVID-19 encouraged members of the Council to produce a series of papers that address different CEDA released its annual Economic and Political Overview in February. The aspects of the economic crisis precipitated by COVID-19. EPO in 2020 examined Australia’s economic and political outlook, domestic In April, former senior Federal Treasury official, Greg Smith, wrote a paper and international policy developments in the year ahead and the key issues calling for a national economic statement from Government likely to shape economic and political outcomes. in May, in the absence of the usual release of the Federal Budget, that The 2020 report features contributions from: created a clear set of working assumptions for economic and financial policy. He argued that due to the considerable uncertainty brought about by • Economic overview: Michael Blythe, Chief Economist and Managing the health crisis, the community needed to better understand the medium- Director, Commonwealth Bank of Australia term anchors of the government’s economic strategy. CEDA • Political overview: Peter van Onselen, Political Editor, and Professor of Politics, University of Western Australia and Griffith University Further papers on issues such as the implications of COVID-19 for immigration and the potential role of wage subsidies in recovery were

• Fiscal policy: Grant Wardel Johnson, Lead Tax Partner, KPMG Economics ANNUAL REPORT 2019–20 under development at the end of 2019–20 for release in 2020–21. and Tax Centre

• Aged care: Peter Harris, Research Advisor, CEDA Other recovery topics • Data ethics: Sarah Kaur, Partner and COO, Portable CEDA substantively progressed work towards future research papers • Europe, the UK, and Australia after Brexit: Professor Philomena Murray, before the end of the financial year, with papers on the Federation ina Professor and Jean Monnet Chair ad personam School of Social and time of pandemic and the digitisation of human services scheduled to be Political Sciences, University of Melbourne released early in 2020–21. The Research and Policy team is also publishing regular blogs and hosting podcasts tracking the impact of COVID-19 on the • The US, Australia, and the presidential election: Professor Simon labour market. Jackman, Chief Executive Officer, Studies Centre • International climate change policy: Martijn Wilder AM, Founding Partner Pollination

16 17 Membership

As a member-driven think tank, the diversity and depth of our membership is a key strength. Membership by sector

CEDA’s cross-sector membership spans every state and territory and Education Government agencies Government departments includes close to 700 of Australia’s leading businesses, community 10.5% 10.0% 9.7% organisations, government bodies and prominent individuals. As part of the CEDA network, members help to shape Australia’s future through their commitment to, and active engagement in, driving public policy debate.

Members 2017–18 2018–19 2019–20

National 83 86 88

State* 613 588 529

Individual 56 38 36

Honorary 40 49 54 Banking and finance Consulting Local government Community 6.6% 5.9% 5.6% services Contra 5 9 3 4.0%

TOTAL** 797 735 680

* As of 2019–20, CEDA now counts organisations with memberships in different states only once. This change resulted in a net difference of 21. ** As of 2019–20, CEDA is no longer counting reciprocal memberships in the total number of member- ships. Reciprocal memberships provides access for members in a state or territory who have offices in a state or territory that CEDA considers a partner state i.e. Victoria and Tasmania and the ACT and NSW. This change reduced 2017–18 by 30; 2018–19 by 35 and 2019–20 by 30. Transport Engineering/ Information Tourism/ Energy/resources 4.0% design technology hospitality 6.6% 3.0% 3.0% 2.8% CEDA New national members in 2019–20

ANNUAL REPORT 2019–20 Health services Communi- Recruitment Property 3.8% cations 2.0% 1.6% 2.1%

Utilities Super- Manu- Constr- 6.1% annuation facturing uction 1.5% 1.2% 1.0% Legal Accounting 3.6% 2.0% Agribusiness <1% Outsourcing/ facilities Arts <1% management Digital economy <1% 1.3% Retail <1%

18 19 Membership Sponsorship

New state members in 2019–20 Members who sponsored CEDA events and programs in 2019–20 Anglicare WA Penrith City Council

ASPIRE Queensland Department of Youth Justice ABB Australia First State Super Queensland University of Technology Adani Flinders University Atlas Professionals Queensland Productivity Commission Rio Tinto Adelaide Airport folk Aurizon Queensland Symphony Orchestra SA Power Networks Adelaide Conference Centre Fragomen BGIS Reliance Rail SenateSHJ Advisian GHD Blacktown City Council Renewal SA Serco Allens Gilbert + Tobin Shoal Business Events REST ANSTO Google Siemens Central Coast Council Sax Institute Arup Griffith Business School SkillsIQ Clough Sellanes Clark and Associates Ashurst Griffith University Slattery Asialink Business GSK CQUniversity SenateSHJ Spotless ATCO Health Partners Defence SA Seqwater Stellar Aurecon Hesta DigitalX Smash Delta Study Adelaide BHP HSBC Donald Cant Watts Corke Southern Regional Organisation Telstra Bond University IBM of Councils The Star Fremantle Ports BP Jacobs St John of God Healthcare Trade and Investment QLD GWI Business SA James Cook University Star of the South Wind Farm University of Adelaide HASSELL Cardno KPMG University of New South Star Scientific CBP Lawyers Liverpool City Council Heritage Bank Wales Step Beyond Strategy Challenger Macquarie University Holman Hodge University of South Australia CEDA Mckinsey & Company Strategic Project Partners Chartered Accountants ANZ University of Queensland Infoxchange City of Swan Medtronic StudyPerth UniSA Business School

Infrastructure NSW ANNUAL REPORT 2019–20 Cisco Microsoft Syrinx Environmental UniSuper John Holland Multicap Coal Services University of Newcastle The Big Issue Australia Murdoch University Kestrel Solutions Commonwealth Bank of University of Sydney Torrens University Australia Australia NBN Co Mechanical Rock University of Western CSIRO University of New England Newcastle Airport Australia Moreton Bay Regional Council Curtin University US Consulate General Sydney Nous Group WA Department of Multicap Deloitte Communities Walford Anglican School NSW Port Ndevr Environmental ECU Western Sydney University Perth Airport Energex Westpac North Queensland Bulk Ports Corporation Plenary Group ExxonMobil Workskil NT Department of the Chief Minister PwC EY Wyndham City Council

20 21 Events

CEDA events provide an opportunity to be informed, to engage Executive, Romilly Madew AO; Deloitte Access Economics Partner, Chris and to discuss the economic and social development of Richardson; Treasurer of Victoria, the Hon. Tim Pallas; and Treasurer of Australia. NSW, the Hon. Dominic Perrottet. On 15–16 June 2020, CEDA also hosted the first digital State of the Nation, CEDA delivers a range of event types from private boardroom briefings to discussed in detail in the next section of this report. large public events. Our events provide opportunities to hear from leaders in business, government, academia and the community as well as to exchange knowledge and network with peers. CEDA ran 106 face-to-face State of the State events in 2019–20 and 24 digital events following the onset of COVID-19 Each year, CEDA presents State of the State events around the country, restrictions. providing an opportunity for Premiers to outline their forward agenda and vision. In 2019–20, CEDA welcomed:

• Premier of Tasmania, the Hon. Will Hodgman National event highlights • Premier of Queensland, the Hon. Annastacia Palaszczuk • Premier of , the Hon. Gladys Berejiklian State of the Nation • Premier of Victoria, the Hon. Daniel Andrews On 19–20 September, CEDA hosted its 40th annual State of the Nation at Parliament House, Canberra. The conference brings together leaders in • Premier of Western Australia, the Hon. Mark McGowan politics, business, academia and community organisations to discuss key issues facing Australia. Annual Dinner Federal Treasurer, the Hon. Josh Frydenberg, gave the keynote address at CEDA’s Annual Dinner in Sydney on 19 November. Mr Frydenberg discussed Left: Federal Attorney-General and Minister for Industrial new policy solutions for the pressures that Australia’s ageing population are Relations, the Hon. Christian Porter, addressing the media placing on our health, aged care and pension systems. He also discussed at State of the Nation 2019 the state of the global economy, highlighting the flow on effects of the Centre: Beyond Blue Chair and former Prime Minister, the US-China trade dispute occurring at the time. Hon. Julia Gillard AC, speaking at State of the Nation 2019 Right: Federal Treasurer, the Hon. Josh Frydenberg, giving “In trade wars, there are no winners, only losers.” he said. “As a result of the the keynote address at CEDA’s 2019 Annual Dinner uncertainty and instability caused by the tariff war, confidence has been hit, investment decisions have been deferred, capital flows reduced and the growth in global trade volumes severely curtailed.” CEDA In 2019, State of the Nation hosted panels on issues including: Mr Frydenberg also addressed issues such as the problem of stagnating • Long-term priorities for Australia’s economic and social development productivity and the effects of low interest rates on the global economy.

• Job security in the future workplace ANNUAL REPORT 2019–20 EPO series • How to ensure the efficacy and longevity of the social compact. CEDA’s annual Economic and Political Overview (EPO) events are held The keynote speeches were delivered by Former Prime Minister and Chair across Australia during February and March to coincide with the release of of Beyond Blue, the Hon. Julia Gillard AC, who discussed the economic the EPO publication. The events and publication analyse the themes that importance of supporting mental health service, and Federal Minister will shape the economic and political environment in the year ahead. for Foreign Affairs and Minister for Women, Senator the Hon. Marise Payne, who addressed challenges to the rules and institutions underpinning CEDA held eight EPO events across the country in 2020. Among the international cooperation. speakers were Former Prime Minister of Australia, the Hon. Kevin Rudd AC, Australian Financial Review National Affairs Columnist, Jennifer Hewett, Other speakers at the event included Federal Attorney-General and Minister and Commonwealth Bank of Australia Chief Economist and Managing for Industrial Relations, the Hon. Christian Porter; Federal Minister for Director, Michael Blythe. Communications, Cyber Safety and the Arts, the Hon. Paul Fletcher; Federal Shadow Treasurer, Dr Jim Chalmers; Infrastructure Australia Chief

22 23 External affairs

In 2019–20, CEDA’s external affairs team broadened CEDA’s reach while introducing new content streams and initiatives to adapt to COVID-19. 27,141 FOLLOWERS R 24.6%

Publications

CEDA released five reports in 2019–20. Following the COVID-19 outbreak, CEDA shifted to producing shorter digital only reports and information papers including the Recovery: coming back better series of information 746,576 5.5 MILLION+ papers.. WEBSITE VISITS SOCIAL MEDIA IMPRESSIONS The shift to online R72.1% R 111.6% In response to COVID-19, CEDA rapidly created new avenues of online engagement and expanded existing ones including moving all of our events online. CEDA’s first all-online event, Coronavirus: update, impact and facts, was hosted on 18 March and attracted over 2500 viewers. CEDA went on to host a further 20 online only events in 2019–20 setting the template for an ongoing schedule of high-quality digital events, with more than 20,000 viewers joining live. Overall CEDA livestreams for 2019–20 attracted more 6675 MEDIA MENTIONS 202.9% than 25,000 viewers. R

CEDA launched three podcasts in 2019–20, which have together accumulated over 4000 plays. The greater good, which hosts conversations on policy priorities that matter for our future with Australian leaders across government, business and academia; The Economists’ Corner, where CEDA CEO Melinda Cilento and Chief Economist Jarrod Ball talk with leading 14,728 Australian economists to break down the latest economic news and policy updates; and The lowdown, which features casual conversations with REPORT DOWNLOADS leaders and thinkers from CEDA membership organisations. R 16.9% CEDA has also significantly expanded its traditional channels of digital content and engagement, releasing 72 blogs and introducing a new weekly update email from the CEO from March 2020. 25,410 72 A broader reach LIVESTREAM VIEWS BLOGS PUBLISHED In 2019–20, CEDA had 6675 media mentions up over 200 per cent on the previous year. CEDA’s social media audience also continued to grow, with combined followers across Facebook, Twitter, Instagram and Linkedin now totalling 27,141. CEDA received 14,728 research downloads, 746,576 website visits, and more than 111,000 video views via Youtube and the 111,099 70,000+ website in 2019–20, and CEDA now has over 70,000 mailing list subscribers. VIEWS MAILING LIST SUBSCRIBERS

24 25 CEDA ANNUAL REPORT 2019–20 27

Ming Long AM** Director Non-Executive Megan Motto Institute of Governance CEO, Australia Philip Pradeep Dr Deloitte Access Partner, Economics Silva Miriam Multicultural Centre Intouch Chair, against Family Violence; University Council of Member, South Australia AM* Spargo Stephen Stanbury Consultants Director, Stevens* Andrew Innovation and Science Chair, Australia Tomkinson** Rebecca Chief Executive Officer (WA Operations) Royal Flying Doctor Service AC Watt J Ian Dr Citigroup Director,

Governance Board Board of Directors and includes Australian advice strategic provides of Directors Board CEDA’s leaders. business and policy AO* McClintock Paul Chairman, CEDA; Chairman, NSW Ports AO** Smith-Gander Diane Chairman, CEDA; Wesfarmers Director, Non-Executive Borland Jeffrey Professor William Truby Professor of Economics, University of Melbourne Melinda Cilento CEDA CEO, Connolly** Jeff Chairman and Chief Executive Officer, Siemens PSM de Brouwer Gordon Dr Australian Nuclear Science Director, Organisation Technology and AO* Faulkner Patricia Chairman, Jesuit Social Services John LangoulantAO* Chairman, Dampier to Bunbury Natural Gas Pipeline * Denotes people who retired from a position during the financialyear. ** Denotes people who took up a position during the financialyear.

N/A 63% 55% 57% 77% 44% 21% 38% 44% 49% 100% 2018–19 Per cent female female cent Per 67% 64% 43% 84% 44% 43% 36% 48% 56% 22% 100% female female Per cent Per 1 7 12 11 32 21 59 65 16 27 419 TOTAL 1 8 7 3 9 9 6 27 21 31 183 Female 4 4 4 5 7 0 38 12 34 21 236 Male Gender equality Gender Executive Senior management Senior management Line Professional/technical Administrative Event speakers Contributing authors Contributing on Council CEDA Economic Policy State Advisory Councils Board of Directors Board Leadership Council all activities and in the workplace. CEDA routinely measures measures routinely CEDA workplace. the and in activities all have We equality. gender to in relation annual progress its to include information year this reporting expanded our gender and councils. boards governance about CEDA’s July 2019–June 2020 Equal Equal opportunity is a priority value for CEDA, reflectedin 26 Governance

CEDA Leadership Council CEDA Council on Economic Policy

CEDA’s Leadership Council is an advisory body comprised of eminent Australians. CEDA’s Council on Economic Policy, which is comprised of some of Australia’s best and brightest policy minds, guides CEDA’s research agenda.

Elizabeth Bryan AM John Langoulant AO

Dr Rodney Maddock* Professor Stephen King Laureate Professor Adrienne Clarke AC John Massey Adjunct Professor in Economics, Commissioner, Productivity Commission Monash University; Vice-Chancellor’s Fellow, Melinda Cilento Paul McClintock AO Victoria University Rick Newnham Project Principal, Wesfarmers Limited Professor Julian Disney AO Dr Stuart McGill Professor Jeffrey Borland** Truby William Professor of Economics, Su-Lin Ong Laureate Professor Peter Doherty AC Andrew Mohl University of Melbourne Managing Director, Chief Economist and Head of Australian Research, Peter Duncan AO Professorial Fellow Terry Moran AC Professor Percy Allan AM RBC Capital Markets Principal, Percy Allan and Associates The Hon. Martin Ferguson AM David Mortimer AO Professor Rachel Ong ViforJ** Jarrod Ball Professor, School of Economics, Chief Economist, CEDA Finance and Property, Curtin University Professor Margaret Gardner AO Warren Mundine AO Janeen Baxter** Professor Julie Ratcliffe** The Hon. Nick Greiner AC Dr Kerry Schott AO Director, Australian Research Centre of Matthew Flinders Professor of Health Excellence for Children and Families Over Economics, College of Nursing and Health Professor Sandra Harding Dr John Schubert AO the Life Course Sciences, Flinders University

Dr Allan Hawke AC Dr Ziggy Switkowski AO Melinda Cilento Professor Paul Simshauser CEO, CEDA Chief Economist and Executive General Dr Ken Henry AC Richard Warburton AO LVO Manager – Corporate Development, Mark Cully Infigen Energy Head, Regulatory Reform Taskforce, The Hon. OM AC Peter Wills AC Commonwealth Treasury Greg Smith Chairman, Commonwealth Grants Graham Kraehe AO Dr John Edwards Commission; Senior Fellow, Visiting Fellow, Lowy Institute; Melbourne Law School CEDA Adjunct Professor, Curtin University Professor Susan Thorp The Hon. Dr Craig Emerson Professor of Finance, University of Sydney

Managing Director, Craig Emerson Business School ANNUAL REPORT 2019–20 Economics Professor Beth Webster Dr Jenny Gordon** Director, Faculty of Business and Law, Chief Economist, Department of Foreign Centre for Transformative Innovation, Affairs and Trade Swinburne University of Technology

Tim Harcourt J.W. Nevile Fellow in Economics at the UNSW Business School, University of NSW

Dr Alexandra Heath Head of Economic Analysis Department, Reserve Bank of Australia

* Denotes people who retired from a position during the financial year. ** Denotes people who took up a position during the financial year. 28 29 Governance

Melinda Cilento Audit and Risk Committee CEO, CEDA New South Wales and Queensland the ACT State Advisory State Advisory Council Andrew Stevens (Chair)* Jeff Connolly** Chair, Innovation and Science Australia Council Chairman and Chief Executive Officer, Dr Pradeep Phillip (President) Siemens Lead Partner, Deloitte Access Economics Ming Long AM (Chair)** Megan Motto (President) Non-Executive Director CEO, Governance Institute of Australia Dr Gordon de Brouwer PSM** Wayne Bretherton* Director, Australian Nuclear Science and Director of Property and Buildings, Professor Jeffrey Borland** Martin Blake Technology Organisation Australia and New Zealand, WSP Truby William Professor of Economics, Lead Partner, New South Wales Government, University of Melbourne KPMG Rebecca Tomkinson** Louise Dudley Chief Executive Officer (WA Operations) CEO, Queensland Urban Utilities David Burt Richard Bowen* Royal Flying Doctor Service Chief Operations Officer and Director, Entrepreneurship, Tasman Graham** Company Secretary, CEDA University of New South Wales Senior Vice President (Energy Transition & Sustainability), Advisian Hamilton Calder** Felicity Emmett Company Secretary, CEDA Research and Policy Senior Economist, ANZ Professor Debra Henly Committee Deputy Vice-Chancellor (Academic), Julie Carey Leilani Frew Griffith University CEO, Infrastructure and Project Financing Partner, KPMG Professor Jeffrey Borland (Chair)* Agency Truby William Professor of Economics, Tanya Hornick** Melinda Cilento University of Melbourne Strategic Partnership Manager, CEO, CEDA Professor Jane Golley** Australian Bureau of Statistics (ABS) Director, Australian Centre on China in the Melinda Cilento Megan Motto World, Australian National University CEO, CEDA Rachael Hunter CEO, Governance Institute of Australia Under Treasurer, Queensland Government Jonathon Larkin Dr Gordon de Brouwer PSM Diane Smith-Gander AO* Strategy & Finance and Corporate Media Director, Australian Nuclear Science and Jacqueline Kelly Chairman, CEDA; Non-Executive Director, Principal, Telstra Technology Organisation Non-Executive Director, Wesfarmers Unity Care Queensland Euan Robertson Peter Harris AO Dr Ian J Watt AC** General Manager of Government & Industry Research Advisor, CEDA Brett Lightfoot, Director, Citigroup Affairs, Commonwealth Bank of Australia State Director, Queensland and John Langoulant AO* Northern Territory, Microsoft Professor Michael Wesley*

Chairman, Dampier to Bunbury Natural CEDA Director, School of International, Gas Pipeline Associate Professor Ben Lyons** Political and Strategic Studies, Director, Rural Economies Centre of People and Governance Australian National University Dr Pradeep Phillip Excellence Committee Partner, Deloitte Access Economics Luke Woodward ANNUAL REPORT 2019–20 Colette Munro Diane Smith-Gander AO (Chair)* Partner, Gilbert + Tobin Diane Smith-Gander AO* Chief Digital Innovation Officer, Non-Executive Director, Wesfarmers Non-Executive Director, Wesfarmers Asia Pacific region, AECOM Helen Zimmerman Miriam Silva (Chair)** Board Member, Jobs for NSW, Dr Ian J Watt AC** Christine Traquair Chair, Intouch Multicultural Centre NSW Department of Industry Director, Citigroup Chief Risk Officer, Suncorp Bank against Family Violence; Council Member, University of South Australia

* Denotes people who retired from a position during the financial year. * Denotes people who retired from a position during the financial year. ** Denotes people who took up a position during the financial year. ** Denotes people who took up a position during the financial year. 30 31 Governance

Niki Vincent Riki Polygenis* Val Raubenheimer South Australian and Commissioner for Equal Opportunity, Principal Advisor, International Policy and Vice President, Corporate Relations and Northern Territory South Australian Equal Opportunity Engagement Division, Commonwealth Development, Curtin University Commission Treasury State Advisory Council Kirsten Rose Professor Marie Wilson Andrew Quinlan** Head of Low Emission Technology and Miriam Silva (President) Pro Vice-Chancellor (Business and Law) Regional Manager, Vic/TAS, Innovation Partnerships, BHP Chair, Intouch Multicultural Centre University of South Australia Chartered Accountants Australia and against Family Violence; Business School, University of South New Zealand Chris Sutherland Council Member, University of Australia Managing Director, Programmed South Australia Peter Tompkins** Chief Executive Officer and Managing Vanessa Torres Bradley Abraham* Director, Spotless Chief Technology Officer, South32 CEO and Director, Royal Institution of Australia Victorian and Tasmanian Aron Whillans** Naveen Unni State Advisory Council Managing Partner for Government, Managing Partner, Perth, McKinsey & Simon Burgess Education and Community Business, Company General Manager, Stephen Spargo AM (President)* National Australia Bank Adelaide Convention Centre Director, Stanbury Consultants

Jane Danvers Jeff Connolly (President)** Principal, Wilderness School Chairman and Chief Executive Officer, Siemens Western Australian Chris Doudle* State Advisory Council Managing Director, Jennifer Boulding** Corporate Conversation Chief Executive Officer, Programmed John Langoulant AO (President)* Health Professionals Chairman, Dampier to Bunbury Natural Gas Jayne Flaherty Pipeline General Manager Government and Michael Brewster Public Policy, RAA Chief Executive Officer, TasWater Rebecca Tomkinson (President)** Chief Executive Officer (WA Operations), Martin Haese** Jenny Dodd** Royal Flying Doctor Service Chief Executive Officer, Business SA, Chief Executive Officer, TasTAFE Chamber of Commerce and Industry Maree Arnason South Australia Jim Frith** Co-Founder/Director,Energy Access Managing Director, McConnell Dowell Services; Non-Executive Director, Juniper Justin Jamieson

Constructors CEDA Chairman of Partners, KPMG Virginia Christie Jane Hunt** Non-Executive Director, Keystart Loans Jim McDowell Chief Executive Officer, The Front Project

Chief Executive, SA Department of

Sherry Duhe ANNUAL REPORT 2019–20 Premier and Cabinet Rebecca Kardos* Executive Vice President and Chief Financial CEO, Aurora Energy, TAS Officer, Woodside Nick Reade Chief Executive, BankSA Paul Kenny Darren Foster Partner, Sector Leader, Government, Director General, Western Australian Chris Stathy OAM Allens Department of the Premier and Cabinet Managing Director, Hazelwood Industry Solutions Anton Leschen* David Harrison General Manager, Victoria, The Smith Chief of Staff, Murdoch University Laura Tyler Family Asset President of Olympic Dam, BHP Jennifer Lawrence Mukund Narayanamurti** CEO, Brightwater Care Group Chief Executive Officer, Asialink Business

* Denotes people who retired from a position during the financial year. * Denotes people who retired from a position during the financial year. ** Denotes people who took up a position during the financial year. ** Denotes people who took up a position during the financial year. 32 33 CEDA ANNUAL REPORT 2019–20 35 2019–20 2019–20 2018–19 2018–19 2017–18 2017–18 2016–17 2016–17 0 $ 0 $ 9,000,000 6,000,000 3,000,000 3,000,000 2,000,000 1,000,000 1,500,0000 12,000,000 –1,000,000 $ $ Revenue (934,729) 2,537,847 2,184,132 1,214,665 12,484,477 12,930,193 13,087,998 10,282,617 Operating surplus/(deficit) Year 2016–17 2017–18 2018–19 2019–20 Year 2016–17 2017–18 2018–19 2019–20 Operating results Operating results Deficitrecorded A net deficit of $0.93 million wasrecorded for the whichyear, makes FY20the first year with a deficit in the last 10years. income and revenue Total Significantrevenue hit per cent 17.6 by fell support received, the government of payments inclusive revenue, Total 2020, which March from events face to face the cessation of by driven year the previous over income. sponsorship and conference reduced Financial reportFinancial Cash holdings fell by $4.1 million over the financial year, with $2.8 million for investments, investments, for million $2.8 with year, financial the over million $4.1 by fell holdings Cash $0.8 million operating cash outflows, and $0.5 million relating to financing activities. The net cash held at the end of the year is $2.7 million. Statement of financial position Total equity decreased from $11 million to $10 activity. The million, structure driven of net by assets declining has changed business year on year, with portfolio, for investment the standard of a new accounting the adoption to and a transfer $2 million cash leasing which has increased both the asset and liability balances by $2 million. Statement of cash flows Overview 2019–20 CEDA’s financialreport shows a net deficit of $0.93 million, as resulta of the COVID- of imposition the 2020 following March from events face to face all of cessation 19 social distancing restrictions. This was the firstyear CEDAreturned a net 10 than years. more deficit in CEDA delivered 126 events in 2019–20, 65 less than 2018–2019. Twenty events were digitally in the last quarter. delivered Statement of profit or loss and comprehensive income of $10.28 revenue million for the a Total year represents decline of 17.6 per cent the over and Conference sponsorship declined revenue previous year. by 33.5 per cent as a result of running 65 fewer face to face events. membership rates. in increases line with in 2.1 per cent, grew Membership revenue Research income increased 16.2 per cent on the members previous paying year, as the the optional proportion research of contribution grew. CEDA revenue realised from $0.7 a million range of government COVID-19 long-term investment portfolio support were negligible in payments. FY20, with significant Returns market volatility on the experienced. Total expenses of $11.2 million for the year were in line against this was offset revenue, conference proportionallyto costs decreased conference with the previous year. While A one-off capabilities. IT in personnel and strategic investments cost from increased restructuring cost of $0.4 million was also included in the FY20 result. 34 CEDA ANNUAL REPORT 2019–20 37

A copy of the 30 Company’s June 2020 Annual Financial Report, (www.ceda.com.au) or can be sent to members upon request, free of charge. free request, upon members to sent be can or (www.ceda.com.au) including the independent audit report, is available via the website company’s 2019–20 2019–20 2018–19 2018–19 2017–18 2017–18 2016–17 2016–17 0 $ 0 $ 9,000,000 6,000,000 3,000,000 9,000,000 6,000,000 3,000,000 12,000,000 12,000,000 $ $ 7,959,181 7,047,778 7,508,447 Expenditure Expenditure 9,984,966 11,269,812 10,392,348 10,903,866 11,217,346 Portfoliovalue Year 2016–17 2017–18 2018–19 –20 2019 2016–17 2017–18 2018–19 2019–20 Year Financial reportFinancial Investment portfolioInvestment Diversified investment portfolio portfolio investment the into transferred was cash million $2 year, the of beginning the At from operating cash holdings. Over the markets’ investment the reflecting financialyear, the throughout volatility significant $25,000, with year, returns on the portfolio were COVID-19. to response Total expenditure Total Servicingcommunity wider and the members Expenditure decreased by 0.5 per cent over the previous year with included also costs FY20 costs. strategic conference reduced by offset IT and personnel in growth expenses one-off redundancy costs of $0.4 million, as CEDA was reshaped to reflect changes in opportunities. challenges and itself position for future business activities to and 36 National South Australia and the Level 3 Northern Territory 271 Spring St Level 5 Melbourne VIC 3000 2 Ebenezer Place GPO Box 2117 Adelaide SA 5000 Melbourne VIC 3001 Telephone 08 8211 7222 Telephone 03 9662 3544 Email [email protected] Email [email protected] Victoria and Tasmania New South Wales and the ACT Level 3 Level 14 271 Spring St The John Hunter Building Melbourne VIC 3000 9 Hunter Street GPO Box 2117 Sydney NSW 2000 Melbourne VIC 3001 GPO Box 2100 Telephone 03 9662 3544 Sydney NSW 2001 Email [email protected] Telephone 02 9299 7022 Email [email protected] Western Australia Level 5 Queensland 105 St Georges Terrace Level 4 Perth WA 6000 232 Adelaide Street PO Box 5631 Brisbane QLD 4000 St Georges Tce GPO Box 2900 Perth WA 6831 Brisbane QLD 4001 Telephone 08 9226 4799 Telephone 07 3229 9955 Email [email protected] Email [email protected]