Discussing challenges and opportunities for small business

Commonwealth Bank CEO Matt Comyn and Group Executive Business Bank Mike Vacy-Lyle discuss the role small businesses play in Australia’s economic recovery.

As part of Commonwealth Bank’s new Small Business Online Panel video series, Mr Comyn and Mr Vacy-Lyle discussed CBA’s ongoing support for small business customers, as well as the challenges and opportunities that lie ahead.

“There are so many small businesses that in totality add up to more than 40% of the workforce, more than a third of the economic output of Australia, and play such an important role in many of our lives,” Commonwealth Bank CEO Matt Comyn said.

While the economy has taken a hit this calendar year, Mr Comyn said he remained optimistic about the future, as businesses continue to evolve and adapt to the new environment.

“There has to be a huge focus around job creation, innovation and growth, and many businesses will have the opportunity to play a role in that,” he said.

“2021, hopefully, is going to be a much better year.

“It’s really important that – as we have in the past when there’s been real challenge and crisis – people come together and we work our way through it.

“For businesses that continue to evolve and are able to adapt to that changing set of circumstances, I’ve no doubt there is going to be some fabulous success stories.”

CLICK HERE to watch other episodes from the Small Business Online Panel series

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