Born and educated in Adelaide, Rob is a past St George Bank chief executive and managing director of BankSA. He is currently chair of Adelaide Airport and Cooper’s Brewery and is the immediate past president of the Adelaide Football Club.
InFinance was fortunate to sit down with Rob to find out about his view of the world.
Q: Rob, you must have a unique perspective, given your background and experience. How do you think the economy is tracking?
A: It's complex. All the relevant people that can impact our economy are very focused on it and they are doing their job; they are playing their role. The labour market participation rate is rising, which is a good sign, particularly when we have full employment. Share markets are pushing record highs. This is good news for people’s savings and super balances.
Getting inflation under control is what everyone's talking about, and rightly so. Then we will start to see a decreasing interest rate cycle and as a consequence, cost of living pressures will reduce. This will help all the industries that are suffering, like hospitality, retail, tourism and aviation.
Q: The aviation sector was one of the worst hit during COVID. Are things back to normal?
A: Aviation is no different to any other industry. Cost of living pressures drive people's decisions whether to fly domestically and internationally. The industry is also constrained because of capacity. So we need to get more planes in the air so we have more seats to fill.
This is especially important given demand for domestic and international flying has surpassed pre-COVID levels, which goes someway against the narrative of cost of living pressures. Once there is more capacity in the system, you'll see prices come down, which will hopefully support the tourism, hospitality and retail sectors and keep the economy vibrant. Aviation, which is a very important industry for our economy, should also benefit.
Q: What are some of the exciting things happening at Adelaide Airport?
A: One of the main tasks of the airport is to attract new airlines to South Australia. Recently, China Southern Airlines announced it will re-start direct flights to Adelaide from December, having previously flown into South Australia before COVID shut downs.
China Southern has always noted the upside for them in bringing their citizens back to China. The South Australian state government, Adelaide airport and China Southern all worked together to make this happen. We’re also busy talking to other airlines about landing in Adelaide to enhance the tourism industry.
Q: What insights have you brought to the airport from your time working in senior positions in banks?
A: An airport is a very capital intensive piece of infrastructure. So we access global investment markets and we are always trying to attract capital. Understanding the economics of a bank comes in handy. Success starts and ends with leadership, so having an appreciation of how to provide better leadership I've learned from my experiences managing big banks has been useful in my role as a director to pass on to existing management teams.
Q: You have had an amazing career, Rob. What’s your advice to other people who are ambitious?
A: Work out what you're seeking from your career and what makes you happy. We're not always going be able to dictate the terms of our employment contracts. But you can work out what gives you enjoyment and satisfaction from doing work. Then go on a journey to seek that, whether it’s through training or mentoring, of which I am a big believer. Having conversations with your peers and colleagues keeps you relevant and under notice for promotional opportunities.
Having relationships with people who can influence your outputs and your performance is vital. The bottom line is make an effort. You may get lucky sometimes. But you have to invest in your career.
You can't have too many friends, so talk to people. I find the more coffees I have, the more meetings I go to, the more I socialise at events, the more opportunities arise. I have met so many people because I've made an effort to go to functions and socialise and it benefits me today.
Q: Any other advice for our members who want to establish a career in financial services?
A: Financial services is a wonderful industry because it’s so broad and deep. I started out in superannuation when no one had ever heard of it. That morphed into insurance and that morphed into retail and commercial banking. I have been able to pick up new skill sets along the way and that’s something everyone can do.
I’m now at the stage of my career where I can put all those experiences to good use and share the benefit of my experiences and wisdom, for what it's worth, with emerging management teams. So I would highly recommend a career in financial services. The finance sector is well rounded and it gives you a good foundation of skills which will hold you in good stead for the future where ever you end up.
Join Us for an Evening with Robert Chapman
Hear from Rob at our SA Member Evening coming up on Wednesday 30 October 2024 at Crowne Plaza Adelaide on Frome Street from 5.30pm – 8.30pm. Complimentary for members. Hurry – limited tickets available.
SA Members Evening 2024 ft. Robert Chapman SF FIN
