"A VALUE INESTIMABLE"
REMARKS BY THE AUSTRALIAN HIGH COMMISSIONER AT THE CPA AUSTRALIA – 60TH ANNIVERSARY GALA DINNER
Wednesday 8 October 2014
I am delighted to be here to help celebrate CPA Australia's 60th year in Singapore. This year marks a major milestone in CPA’s development, and it is fitting that I bring a message of support and appreciation from the Australian Government for what you have achieved over six decades.
But I am no accountant. So, in preparation for this evening, I asked a few friends, who are in your profession, how they would value your 60-year achievement.
One said that CPA Australia is ‘the gold-standard in professionalism’ and that ‘60 years in Singapore demonstrates just how deeply connected CPA is between Australia and Singapore’.
Another said that one of the great contributions of the organisation here has been in building practical people-to-people links, in ways that governments, despite their best efforts, often cannot do.
But a third friend, an inveterate accountant, gave the best answer.
He picked up a piece of paper and started scratching some figures.
By his reckoning – a reckoning of a sort that only an accountant would suggest – his reckoning was that 60 years represented ‘over 525 thousand potential billable hours’.
He went further.
Assuming a 16 per cent growth rate in membership, he said, from the initial membership in 1954 to over seven thousand members now, that’s about 53 thousand member years.
OK, I said, that’s impressive. Even a non-professional like me could understand that.
But my friend wasn’t finished.
He wrote down those 53 thousand member years and multiplied that by the 525 thousand billable hours
He then factored that again by an average hourly charge out rate, discounted by Singapore’s average annual rate of price inflation over 60 years from, say, about 150 Singapore dollars currently (a bit on the conservative side, I thought, but he is the expert).
And what he calculated was something like $2 trillion dollars in value.
60 years. $2 trillion dollars in CPA value.
He then put down his pen. In truth, he said, the value of an organisation like CPA is “inestimable”.
He was right.
Across the world, CPA Australia now has well over 150,000 members.
In addition to Singapore, it has branches in Malaysia, Hong Kong, Beijing, Shanghai and Vietnam.
It has advanced standards not just in training and accounting practice, but in reporting - whether that's sustainability, competitiveness or policy effectiveness.
CPA Australia has also pioneered leadership training.
It is every day creating holistic professionals, not just (if you'll excuse the expression) mere “number crunchers” like my friend with the pencil and pad.
But a further achievement, as I see it, is that CPA Australia has not only upheld standards and provided leadership in the accounting profession for 60 years, but that CPA Australia has proven how a professional body can strengthen two countries' economic relationship.
And by strengthening the economic relationship between Australia and Singapore it, in turn, helps strengthen a much wider partnership.
I want to use a little of my time this evening to give you a glimpse of how Australia and Singapore, right now, are entering a new, exciting phase of their relationship.
It’s a relationship that’s already strong.
Singapore is Australia’s second-largest source of foreign direct investment – after the United States and bigger than China.
Singapore is Australia’s fifth-biggest trading partner.
Over a million Australians visited Singapore last year and over 25,000 currently live here.
More than 130,000 Singaporeans have degrees from Australian universities.
But we are ambitious for more.
In August, our two countries' Prime Ministers met and agreed to transform a close relationship into one that’s much closer.
Shortly after, our Foreign, Trade and Defence ministers met to announce a roadmap towards a comprehensive strategic partnership, to be developed over the next ten years.
This roadmap – called Project 2025 – will provide a path for deeper and broader relations across economic, strategic and people-to-people links.
Project 2025 calls for links that strengthen and enhance the complementarities in our economies and societies.
It calls for even higher investment flows, greater business activity and even closer cooperation.
It calls for an upgrade to the Singapore-Australia Free Trade Agreement and more integrated financial markets.
Can I just say that if any of you have views as to how we should seek to strengthen the partnership between Australia and Singapore, now is the time to speak. I will be all ears.
I know that CPA Australia has the stated aim of being the world's best member services organisation and I applaud the ambition of your members and your board.
I also want, in particular, to mention the engagement, professionalism and dedication of your outgoing President Dr Themin Suwardy and the continuing capability of CEO Melvin Ong.
You all have much to be proud of on this 60th anniversary night, and I applaud your many achievements.
Your value is, as we calculated before, “inestimable.”
Good luck on the next 60 years, and thank you for your important contribution in building the bonds that connect Singapore and Australia.