Leading Economic Transformation in Melbourne: RSM's 2030 Vision

RSM's 2030 Vision: Pioneering Melbourne's Economic Future

As Melbourne continues to evolve, businesses are navigating a landscape shaped by rapid technological advancements, labour shortages, and sustainability initiatives. RSM is at the forefront of this transformation, with a 2030 vision that positions the firm as a key player in driving Melbourne's economic growth. Through the insights of Kristie Dundon, Managing Partner at RSM in Melbourne, and Devika Shivadekar, RSM Australia’s expert economist, we explore the firm’s strategic approach to the future.
 

A vision for Melbourne’s economic future

Kristie Dundon, who leads both the Melbourne office and RSM’s Audit & Assurance division, is passionate about fostering growth within the middle market. She notes that RSM’s 2030 strategy is centered around becoming a leading professional firm in this space.

"We are focusing on employment, people training, and leveraging AI and innovation technologies to enhance our internal processes as well as those of our clients,"

The firm’s commitment to understanding industry-specific challenges will play a crucial role in helping clients navigate the complexities of Melbourne’s future economy. RSM is investing in data analytics and digital transformation models to enable predictive insights that improve margins and drive efficiency.

Navigating economic shifts: Devika’s perspective

As RSM’s national economist, Devika Shivadekar is deeply engaged with the macroeconomic trends shaping Melbourne's business environment. Despite the challenges—such as labour shortages and high living costs—she is optimistic about the city’s future, particularly in the technology, health, and education sectors.

“Melbourne’s strong population growth and focus on sustainability are positive drivers for economic expansion. Elevated costs and to a certain extent interest rates - which are essentially aimed at bringing those costs down, are currently posing challenges for both businesses and households.”

Challenges facing Melbourne’s economy

One of the critical challenges Melbourne businesses face is the complex interplay between lower inflation and higher interest rates. "Higher interest rates mean households are still burdened by rising mortgage payments, and businesses face increased borrowing costs," Devika explains.

For businesses, this presents a particularly tough environment. "The dichotomy of moderating prices and unchanged interest rates means companies don't have the flexibility to increase prices to cover that gap, putting pressure on revenue margins," Devika adds.

To navigate these financial pressures, RSM is focusing on tailored strategies to help businesses manage their cash flow, explore cost-saving opportunities, and optimise borrowing arrangements. The firm’s expertise in financial modelling and forecasting enables businesses to better plan for the future, even in challenging economic conditions.

Another major issue is labour shortages. 

“We’ve moved from absolute unemployment to structural unemployment, meaning it’s not just difficult to find labour—it’s challenging to find good labour,” 

This has driven up labour costs for firms as they struggle to get value for money in a tight labour market.

Kristie acknowledges that labour shortages will continue to be a significant hurdle for Melbourne businesses. 

"Labour costs, combined with higher borrowing expenses, are making it harder for businesses to maintain profitability,"

The role of technology and AI

Digital transformation is a key component of RSM’s 2030 vision. Kristie emphasizes the importance of AI, robotic automation, and cybersecurity in helping businesses stay ahead of economic shifts. 

"We’re focused on improving efficiency through technology, which allows us to offer a more holistic service to clients. This means being able to provide outsourced CFO services, technical expertise, and digital solutions as businesses grow and evolve."

For RSM, technology is not just about internal efficiency—it’s about empowering clients with the tools and insights needed to thrive in an increasingly competitive market. By 2030, the firm aims to be a leader in integrating AI and predictive analytics into its service offerings, allowing clients to make more informed decisions and better manage risks.

In addition, Devika highlights the growing importance of digital transformation and sustainability initiatives, particularly in Melbourne. "These areas have been picking up across industries because they are crucial for businesses looking to adapt to the ever- changing challenges the macroeconomic environment is presenting. For example, the greater the digital transformation, the easier it is to manage labour shortages." This surge in advanced manufacturing technology, health, and education will be central to Melbourne's economic future.

Collaboration and industry expertise

A core part of RSM’s 2030 strategy is collaboration, with a strong focus on building lasting relationships. 

“Understanding the intricacies of each industry allows us to offer tailored solutions to specific challenges,”

While technology and digital transformation are central to RSM’s vision, Kristie and Devika emphasise that people remain at the heart of their approach. RSM is dedicated to supporting Melbourne businesses in overcoming labour shortages and talent acquisition challenges by offering tailored consulting and industry-specific insights.

Looking ahead: RSM’s commitment to Melbourne

As Melbourne’s economy continues to evolve, RSM is well-positioned to help businesses adapt to new realities. Whether through digital transformation, AI integration, or industry-specific insights, RSM’s 2030 vision is built on a foundation of innovation, collaboration, and client-focused solutions.

"By investing in our people, embracing technological advancements, and deepening our industry expertise, we are ensuring that RSM will continue to be a trusted partner for Melbourne businesses well into the future," 

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RSM’s commitment to excellence and forward-thinking strategies offer a roadmap to success. Contact us to see how we can navigate the future together.