Innovation – more than a buzzword by Mike Smith, Chief Executive, ANZ
There are many parallels often explored between the Great Depression and the Global Financial Crisis (GFC) with analysis usually focused on the debt binge that led to the crisis and the contagion effect it had on the global economy. One recent comparison from McKinsey examined the impact the depression had on innovation and how
companies that continued to invest were ultimately the ones that succeeded. We are noticing similar trends today with many Australian firms holding back investment dollars, preferring not to innovate and this could have a lasting impact on the overall productivity in Australian.