KPMG has shared the top geopolitical risks that Australian businesses face over the next year, while providing guidance to prepare both strategically and operationally, with the release of its new Top Risks to Australian Business 2024-25 report.
The professional services firm explores three major risk cluster scenarios, with each comprising interconnected and mutually reinforcing geopolitical risks that are of critical importance to the Australian business community, including:
- Crisis hits, we’re not prepared
- The death of truth and trust
- Walls, moats and stranger danger
“Australian businesses are navigating a more complex geopolitical environment than at any time in living memory,” said the report.
“Structural changes to the international system, rising global mistrust, rapid technological advances and the dramatic impacts of the climate crisis are driving fundamental changes to the risk landscape.
“Until recently, many companies felt that geopolitics was not particularly relevant to them. However, the events of the past few years are now shaking this sense of comfort.”
The report shares the key geopolitical implications for Australian businesses and shines a light on six major Australian industries with its in-depth risk heat map.
“The risk scenarios facing Australian businesses can seem overwhelming. However, practical steps can be taken to build resilience and maximise opportunities. The report features key questions to prompt Australian business leaders’ thinking on how they can best respond,” said KPMG.
