The death of Australian car manufacturing was part of the nation’s adaptation to the economy of the 21st century, according to ANZ chief Mike Smith.
AAP reports that Mr Smith told a Trans-Tasman business lunch in Melbourne that Australia will become more technologically-driven and concentrate on industries in which we have an advantage, like agriculture, education, medical research and high value manufacturing.
"You won't have these massive organisations in the way that you used to have them, they will be much more nimble and need to be more flexible," he said.
"The classic example is the car industry... banking is another one. We would not have even conceived of it five-10 years ago we would be doing our banking on our phones, and there are still changes to move.
"Australia has got so much advantage here, it just needs to engage and ensure it takes the opportunity rather than just try and preserve the past."
As The Australian reports, Mr Smith downplayed the possibility of a slowdown in Chinese economic growth.
He said that China is slowly transforming from “a manufacturing and export-based economy to a domestic consumption-based economy” and that trade within the Asian region will benefit the Australian economy.
“There’s a lot of these urban myths around that Australian businesses can’t succeed in Asia, but for every one that has failed there’s a hundred that succeed,” he said.