It’s been quite a business-focused couple of weeks. I accompanied Hector Sants, CEO of the UK’s Financial Services Authority for calls in Canberra and Sydney. He had come to look at Australia’s “Twin Peaks” regulatory structure, which is close to the model the UK is currently moving towards. We called on Treasurer Wayne Swan, Assistant Treasurer Bill Shorten and Reserve Bank Governor Glenn Stevens, and met a range of officials and business representatives. The general consensus was that the regulatory regime was an important contributor to Australia coming relatively well through the Global Financial Recession.
While I was in Sydney I managed to catch up with my old friend Sir Andrew Whitty CEO of GSK, the pharmaceuticals giant and one of Britain’s most respected companies. He was briefly passing through to see GSK’s extensive Australian businesses which, he told me, were doing very well.
Then I went to Adelaide to address a lunch organised by the Australia Britain Chamber of Commerce, together with Premier Jay Weatherill. Our theme was “Succeeding in the Asian Century.” Jay talked about South Australia’s success in attracting British investment, particularly in the Defence sector.
I had seen this with my own eyes, as I had actually spent that morning visiting BAe Systems’ impressive facility there. In my speech I explained the background to the current Eurozone problems and explained why I remained confident about the UK’s economic prospects.
I was also invited to speak at a Conference organised by the Queensland Young Presidents’ Organisation (YPO). I spoke on “The World Economy today and how it impacts on us”, together with Doug McTaggart, Chief Executive of the Queensland Investment Corporation.
It was good to have an opportunity to engage with this group of entrepreneurs, all running significant businesses in the state, to get a real insight into their views on the current business scene. I also enjoyed joining Clive Palmer, the colourful resources billionaire who is seldom out of the news, at the Conference dinner. It was fascinating to hear about his long standing links with China.
Oh yes, and it’s been a fascinating time in Canberra too, but it’s not really for me to comment on Australian domestic politics. Suffice it to say that Kevin Rudd was a highly respected Foreign Minister who enjoyed a close relationship with William Hague, and I’m sure that the relationship with new Foreign Minister, the eminent statesman Bob Carr, will be just as strong. I spoke to him a few hours after he was nominated and arranged for him to have a good conversation with William Hague later that day.