Accounting Market Pulse.
Conducted by Beaton Research + Consulting November 2014
1
Contents
Increasing confidence underpinned by strong
economic outlook 2
Australian economic outlook 3
November 2014 results summary 5
Overall business conditions
Perception of business conditions in specific areas (segmented by firm type) from now to 2 years time 7 Perceived performance of Australian economy 7 Perception of business conditions in specific areas 8 Perception of business conditions in specific areas
(segmented by firm type) 8
FY15 Business priorities
Market entry and exit for all firms 9
Revenue predictions
Changes in revenue over the next 6 months
by location 10
Changes in revenue over the next 6 months by location (segmented by firm type) 10 Changes in revenue over the next 6 months by service line (segmented by firm type) 11 Changes in revenue over the next 6 months by service line (segmented by firm type) continued 11
Realised rates
Expected changes in realised rates over the next
6 and 12 months 12
Expense and profitability predictions
Changes in expenses over the next 6 months
(segmented by firm type) 13
Changes in staffing over the next 6 months
(segmented by firm type) 13
Changes in core workforce turnover in FY2015
(segmented by firm type) 14
Changes in average remuneration in FY2015 14 Changes in average remuneration in FY2015
(segmented by firm type) 15
Change in operating margins for the next 6 months 15
Adoption of technologies
Pace of adoption of new technologies in Australia compared to other countries 16 Adoption and implementation of new technologies
(segmented by firm type) 16
Adoption and implementation of new
technologies (segmented by firm type) continued 17 Business areas with two or more suppliers 17
2 Marc Totaro
National Manager, Professional Services Commonwealth Bank
It is with pleasure that I welcome you to the inaugural CommBank Accounting Market Pulse conducted by Beaton Research + Consulting. The first report in our biannual series summarises key industry forecasts, business confidence and other lead indicators amongst the top Australian accounting and insolvency firms.
We are grateful for the breadth of survey respondents, which includes most of the leading accounting and insolvency firms in Australia.
This report produced some interesting and positive results for the broader accounting industry, with an increasingly strong outlook for the sector in the short and medium term.
Underpinning the positive sentiment was the expectation amongst one in two firms that broader economic conditions will improve, and firms in all locations except South Australia are expecting revenue growth. In addition, firms flagged increasing operating margins over the next six months, particularly amongst the larger firms.
“Underpinning the positive sentiment was the expectation amongst one in two firms that broader economic conditions will improve”
We saw mixed results when looking at the variation between large firms, those specialising in insolvency/
restructuring, and mid-sized firms. While the large firms have the most positive view of business conditions in the next 12 months, the mid-sized and restructuring firms displayed increasing optimism over the long term (ie beyond 12 months).
An important indicator of confidence is investment in people, and the report reveals a strong expectation in hiring for fee earning roles such as fixed share and equity partner numbers and also for junior to mid-level accountants.
“An important indicator of confidence is investment in people, and the report reveals a strong expectation in hiring for fee earning roles”
Despite a positive outlook, challenges still remained with firms citing price negotiation with clients, winning new business and competing with other firms as key concerns. As a likely reaction to the competitive environment, the survey also reveals an expected increase in marketing and business development expenses.
When looking at service lines, firms are expecting the largest revenue growth to come from corporate finance (including M&A), wealth management and financial planning. Conversely, business recovery and insolvency recorded the lowest revenue growth expectations at just seven per cent.
This report also focused on technology and return on investment, with 81 per cent of firms indicating that the pace of adoption of new technologies in Australia was either on par or faster than their international counterparts.
Amongst those firms who have adopted new technologies, the majority have seen a moderate to high return on investment, with one responding Chief Executive Officer remarking, “For the most part the technologies adopted have shown most return in the satisfaction and retention of our people who enjoy having high quality adaptable work tools.”
We hope this report provides unique insights into the broader sector and enables your business to benchmark its performance and assists with planning for the future. We look forward to keeping you updated as these trends develop in future reports.
Marc Totaro
Email: marc.totaro@cba.com.au Phone: +61 2 9303 1940
Increasing confidence underpinned
by strong economic outlook.
3
Diana Mousina
Associate Director Economics Commonwealth Bank
The Australian economy expanded by 2.9 per cent in financial year 2013/14 as a whole. This outcome is a touch above that recorded in financial year 2012/13 and is close to trend. This should be seen as a decent outcome for an economy in transition. The economic package remains very attractive. Australian public finances and the financial system remain in good shape, the AAA credit rating looks secure and policy makers still have some firepower if needed.
The main uncertainty that is clouding the economic outlook is ensuring that the
transition from mining to non-mining led growth is successful. Solid growth in residential
construction and resource exports is on track.
But non-mining business capex growth needs to be stronger.
The uncertainty of this growth transition has impacted business and consumer confidence.
Consumer confidence remains quite fragile but business confidence has picked up. The latest CommBank Accounting Market Pulse (conducted by Beaton Research + Consulting) indicates that business confidence across the surveyed accounting firms was positive for the
short to medium-term horizon. The larger firms are more optimistic than the rest of the market in terms of short-term confidence. Accounting firms generally see the outlook for the Australian economy as positive, except for restructuring firms who hold a neutral position.
In our view, the anticipated positive turn in the economy will be evidenced more clearly as growth picks up over 2015. The boom in residential construction has positive flow- on effects to other sectors, such as retail.
The labour-intensive nature of residential construction is also positive for jobs growth.
A lower unemployment rate will support consumer spending. The depreciation in the Australian dollar is very positive for export- exposed industries. And a surge in resource- related exports will lift incomes.
Commonwealth Bank is also forecasting inflation to edge higher, towards the top end of the Reserve Bank of Australia’s (RBA) target band over 2015. These factors form our view that the RBA will need to start lifting interest rates sooner than financial markets are expecting. We expect the first 0.25 per cent increase in the RBA cash rate to occur in August 2015, taking the cash rate to 2.75 per cent.
Australian economic outlook.
4
GDP growth is running close to trend. This is a decent outcome for an economy that is in transition.
0 2 4 6
0 2 4 6
Sep-98 Sep-01 Sep-04 Sep-07 Sep-10 Sep-13
REAL GDP
(annual % change)
% %
Trend
Sentiment outcomes across the business and household sector are still fragile because of uncertainty surrounding the growth transition.
High job security concerns across the household sector is putting pressure on consumer
confidence.
80 100 120 140 160
80 100 120 140 160
Jul-10 Jul-11 Jul-12 Jul-13 Jul-14
SENTIMENT INDICATORS
Source: Melbourne Institute/WBC/NAB
Index Index
Consumer confidence Job security
concerns
Business confidence
Summary of Q1 FY2015 findings November 2014
results summary.
Perception of business conditions
15% 55%
At the moment
50%
Net % (positive-negative)
In 12 months In 2 years
Top 3 most challenging business elements for accounting firms.
85%
Negotiating price with
clients
60%
Winning business new
60%
Competing with other
firms Net % (challenging - easy)
Increased competition from Big 4 firms pushing into the traditional middle market space
Asia
Net % (increasing – decreasing)
Northern Territory UK / Europe
100%
75%
60%
Management consulting services
100%
80%
Geographic and practice areas
with highest revenue growth expectations
Large firms
Corporate finance
Business advisory services
100%
100%
Restructuring firms
Corporate finance
Wealth management &
financial planning
100%
71%
Mid-sized firms
Property advisory
Management consulting services
100%
Realised rates
expected to increase
+0.4% +1.7%
In the next 6 months In the next 12 months
• Junior to mid-level accountants
• Fixed share / salary partners
• Equity partners
• Directors / Managers
• Shared service staff
• Secretarial and admin staff
Staff numbers over next 6 months Perceived
performance of Australian
economy +40% +40% 0% +50%
Net % (positive – negative)
All firms Large firms Restructuring firms Mid-sized firms
5
November 2014
results summary cont.
Perception of business conditions
15% 55%
At the moment
50%
Net % (positive-negative)
In 12 months In 2 years
Top 3 most challenging business elements for accounting firms.
85%
Negotiating price with
clients
60%
Winning business new
60%
Competing with other
firms Net % (challenging - easy)
Increased competition from Big 4 firms pushing into the traditional middle market space
Asia
Net % (increasing – decreasing)
Northern Territory UK / Europe
100%
75%
60%
Management consulting services
100%
80%
Geographic and practice areas
with highest revenue growth expectations
Large firms
Corporate finance
Business advisory services
100%
100%
Restructuring firms
Corporate finance
Wealth management &
financial planning
100%
71%
Mid-sized firms
Property advisory
Management consulting services
100%
Realised rates
expected to increase
+0.4% +1.7%
In the next 6 months In the next 12 months
• Junior to mid-level accountants
• Fixed share / salary partners
• Equity partners
• Directors / Managers
• Shared service staff
• Secretarial and admin staff
Staff numbers over next 6 months Perceived
performance of Australian
economy +40% +40% 0% +50%
Net % (positive – negative)
All firms Large firms Restructuring firms Mid-sized firms
d n a g n i t e k r a
M Business Development
have the highest expected expense growth for the nex t6months .
Operating margins forecast to increase
Large firms
Net % (increasing – decreasing)
Mid-sized firms Restructuring firms
60%
42%
33%
$
Pace of adoption of new technologies in Australia vs. other countries
Level of investment in new technologies
19%
Slower56%
At the same pace
25%
Faster
Implementation of new technologies
60% 80% 90%
In the next 6 months
-33%
45%
All firms
40%
Net % (increasing - decreasing)
Large firms Restructuring firms
67%
Mid-sized firms
In the next 12 months
-33%
60% 80% 75%
Return on investment from new technologies
29%
High return35%
Moderate return12%
Low return24%
Don’t know(too early to tell) implemented and use mobility solutions
have not fully implemented cloud-based computing / storage
looking to or have implemented document automation
6
7
Overall business conditions.
Perception of business conditions for Australian accounting* firms from now to 2 years time
Business confidence is positive for the short to medium-term horizon. Large firms are more optimistic than the rest of the market in terms of short-term conditions.
15%
60%
0% 0%
50%
80%
0%
50% 55%
40%
33%
67%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Total Large firms Restructuring
firms Mid-sized firms Total Large firms Restructuring
firms Mid-sized firms Total Large firms Restructuring
firms Mid-sized firms
At the moment In 12 months time In 2 years time
Net %
Perceived performance of Australian economy
Perceptions of the Australian economy are generally positive except for restructuring firms who hold a neutral position.
-10%
-33%
-8%
40% 60%
33% 33%
50%
40%
33%
58%
40% 40%
0%
50%
-40%
-20%
0%
20%
40%
60%
80%
100%
-40%
-20%
0%
20%
40%
60%
80%
100%
Total Large firms Restructuring firms Mid-sized firms
Negative Neutral Positive Net %
%
* The comparative data presented in the Accounting Market Pulse is based on the following categorisation; large firms are defined as the top and largest second-tier diversified accounting and advisory firms, restructuring firms are defined as top tier specialist insolvency and restructuring firms, and mid-sized firms are defined as mid-tier accounting and insolvency firms ranging from large state-based practices to federations of smaller firms in Australia.
8
Perception of business conditions in specific areas
Price negotiations, revenue generation and competitive activity are considered to be the primary challenges in the current market conditions.
25%
-5%
-15%
-25%
-35% -35%
-60% -60%
-85%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
Accessing
capital Keeping staff
fully utilised Keeping
quality staff Keeping expenses under control
Finding quality
staff Collecting
invoices Competing with other
firms
Winning new
business Negotiating price with
clients
Net %
Perception of business conditions in specific areas (segmented by firm type)
Restructuring firms are experiencing the greatest pressure on several fronts.
40%
67%
8% 20%
-67%
0% 0% 0%
-25% -20%
-67%
-17%
-40% -33% -33%
-20%
-67%
-33%
-60%
-33%
-67% -60%
-100%
-50%
-100%-100%
-100% -75%
-50%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Accessing
capital Keeping staff
fully utilised Keeping quality
staff Keeping expenses under control
Finding quality
staff Collecting
invoices Competing with
other firmss Winning new
business Negotiating price with
clients
Net % Mid-sized firms
9
FY15 Business priorities.
Market entry and exit for all firms
Business advisory and management consulting services are considered to be the primary areas of market growth over the next 12 to 18 months.
50%
40%
30% 25% 25%
20% 20% 20%
15% 15%
10% 5% 5% 5% 5%
-8% -7% -6% -6% -6%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Planning to enter / actively grow Planning to exit / actively reduce
%
10
Revenue predictions.
Changes in revenue over the next 6 months by location
Overseas and targeted domestic activity in the Northern Territory are forecast to be the primary locations for revenue growth over the next 6 months.
100%
75%
60% 53%
47% 43%
38% 38%
25%
11%
-20% -11%
0%
20%
40%
60%
80%
100%
Asia Northern Territory UK/
Europe New South
Wales Victoria Australian Capital Territory
Queensland New
Zealand Tasmania Western
Australia South Australia
Net %(increasing-decreasing)
Changes in revenue over the next 6 months by location (segmented by firm type)
Restructuring firms expect a decrease in revenue in Victoria and South Australia.
100%100%100%100%
0% 0%
50%
0%
100%
80%
0%
56%
80%
-67%
71% 67%
0%
33%
60%
33%20%
50% 50%
0%
50%
0% 0%
20%
0% 0% 0%
-100%
0%
-100%
-50%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Asia Northern
Territory UK/
Europe New South
Wales Victoria Australian Capital Territory
Queensland New
Zealand Tasmania Western
Australia South Australia
Net %(increasing-decreasing)
11
Changes in revenue over the next 6 months by service line (segmented by firm type)
Large firms forecast stronger growth across most practice areas compared to other firms, particularly for private equity, economic & social policy advice and sustainability/climate change.
100%100%
25%
67%
0%
71%
60%
100%
64% 67%
0% 0%
75%
0% 0%
67%
0% 0%
60% 67%
25% 20%
0%
57%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Corporate finance
(including M&A) Wealth management &
financial planning
Business advisory
services Economic and social policy
advice
Private equity Sustainability /
climate change Forensic & fraud
accounting Internal audit
Net %(increasing-decreasing)
Changes in revenue over the next 6 months by service line (segmented by firm type) continued
Large firms forecast a decrease in revenue in superannuation, whilst restructuring firms forecast a decrease in business recovery & insolvency.
80%100%
0%
40%
0%
40% 50%
0%
100%
40%
0%
50%
-33%
0%
56%40%
0% 14% 20% 0% 10% 20%
-67%
29%
-100%
-50%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Management consulting
services
Tax consulting Property advisory Risk management Superannuation External / statutory
audit Tax compliance Business recovery
& insolvency
Net %(increasing-decreasing)
12
Realised rates.
Expected changes in realised rates over the next 6 and 12 months
Large firms and restructuring firms are not as optimistic when forecasting changes in realised rates over the next 6 months.
0.4
-1.7
-5.0
1.0 1.7 2.5
-1.3
1.9
-6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0
Total Large firms Restructuring
firms Mid-sized firms Total Large firms Restructuring
firms Mid-sized firms Average realised rates in the next 6 months Average realised rates in the next 12 months
Mean %
13
Expense and profitability predictions.
Changes in expenses over the next 6 months (segmented by firm type)
Restructuring firms are controlling expenses across staff training and development, knowledge management and telecommunications. On the other hand, expenses will increase for other firms across all areas measured.
40% 33%
50% 40%
-33%
33% 40%
0%
25% 20%
-33%
25%
0%
33%
17%
0% 0%
17%
-20%
-33%
25%
-50%
0%
50%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Marketing and business development
Staff training
and development Professional indemnity insurance
Knowledge
management Occupancy IT hardware
and software Telecommunications
Net %(increasing-decreasing)
Changes in staffing over the next 6 months (segmented by firm type)
Restructuring firms expect staff numbers to decrease across all levels except fixed share/salary partner numbers.
80%
-33%
42% 40% 33%
8%
40%
-67%
8% 20%
-67%
17%
-40% -33%
8%
-40%
-67%
8%
-100%
-50%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Junior to mid-level
accountant numbers Fixed share / salary
partner numbers Equity partner
numbers Director / manager
numbers Shared service staff
numbers Secretarial and admin staff numbers
Net %(increasing-decreasing)
14
Changes in core workforce turnover in FY2015 (segmented by firm type)
Expected increases in turnover among fixed share / salary partner numbers are primarily driven by large firms and restructuring firms.
Net %(increasing-decreasing)
60% 67%
17%
40%
0%
42%
-20% -33%
17%
0%
-33%
8% 0%
-33%
-8% -20%
-33%
0%
-50%
0%
50%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Fixed share / salary
partner numbers Junior to mid-level
accountant numbers Director / manager
numbers Shared service staff
numbers Equity partner
numbers Secretarial and admin staff numbers
Changes in average remuneration in FY2015
Increase in remuneration is forecast to be highest for junior to mid-level accountants.
35% 35%
25% 40% 35%
30%
60%
55%
55% 60%
20%
5%
20% 0% 0%
2.5 2.0
3.4
1.3 1.4
-2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0
-20%
0%
20%
40%
60%
80%
100%
Fixed share / salary
partner Director / manager Junior to mid-level
accountant Shared service staff Secretarial and admin staff
Mean %
Decrease by 5-15% Decrease by 1-4% Stay about the same Increase by 1-4% Increase by 5-15% Net %
Net %(increasing-decreasing)
15
Changes in average remuneration in FY2015 (segmented by firm type)
Average remuneration across all staff levels will rise with the exception of fixed share/salary partners in restructuring firms.
5.6
-5.0
2.7 3.5 0.0
1.9
5.0
1.7 3.1
2.0
0.0 1.3 1.5
0.0 1.7
-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Fixed share / salary
partner Director / manager Junior to mid-level
accountant Shared service staff Secretarial and admin staff
Mean %
Change in operating margins for the next 6 months
Overall, firms forecast operating margins to increase for the next 6 months, especially for large firms.
45%
60%
33% 42%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total Large firms Restructuring firms Mid-sized firms
Net %(increasing-decreasing)
16
Adoption of technologies.
Pace of adoption of new technologies in Australia compared to other countries
The majority of accounting firms believe that the pace of adoption of new technologies in Australia will outpace overseas markets. This view is primarily driven by large firms.
19%
50%
22%
56%
60%
50%
56%
25% 40% 22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total Large firms Restructuring firms Mid-sized firms
Slower At the same pace Faster
%
Adoption and implementation of new technologies (segmented by firm type)
Large firms are lagging behind the rest of the market in adopting cloud-based computing and storage.
17% 20% 17%
58%
20%
67%
20% 42%
100%
8%
80%
33% 17% 60%
17%
40% 8%
60%
25% 33% 42%
20% 17%
20%
33%
8% 8%
20%
50% 33% 25% 20%
67%
17% 20%
33% 25%
0%
20%
40%
60%
80%
100%
Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms Large firms Restructuring firms Mid-sized firms
Document automation Cloud-based computing / storage Collaboration software Data analytics software Not implemented Looking to implement Currently implementing
Implemented but seldom use Implemented and frequently use
%
17
Adoption and implementation of new technologies (segmented by firm type) continued
Large firms do not currently have web based CRM software available, whilst restructuring firms do not find enterprise social media platforms useful.
67%
33% 17% 33% 50%
20% 20%
17%
17%
20%
33%
17%
40% 33%
60%
100%
50% 67%
17%
20%
17%
20%
17%
100% 17%
0%
20%
40%
60%
80%
100%
Large firms Restructuring
firms mid-sized
firms Large firms Restructuring
firms Large firms Restructuring
firms
Enterprise social media platforms Mobility solutions Web based CRM software
Not implemented Looking to implement Currently implementing Implemented but seldom use Implemented and frequently use
%
mid-sized
firms mid-sized
firms
Business areas with two or more suppliers
Large firms are more likely to use multiple suppliers across all business areas measured except telecommunications.
100% 100% 100% 100%
80% 80% 80%
20%
100%
67%
100%
33% 33%
67%
33%
0%
83%
75%
67%
50% 50%
33% 33%
58%
0%
50%
100%
Recruitment IT Software Training and
development IT Hardware Banking Staff contracting
agencies Leasing Tele-
communications Large firms Restructuring firms mid-sized firms
%
18
Further
information
For further insights or
information, please contact:
Marc Totaro, National Manager Professional Services
Mobile: 0477 739 315 Phone: +61 2 9303 1940 Email: marc.totaro@cba.com.au
Web: commbank.com.au/accountingmarketpulse
For media inquiries, please contact:
Sarah Gibbons, Public Relations Advisor Phone: +61 2 9118 1706
Email: Sarah.Gibbons@cba.com.au
Things to know before you Can: This report is published solely for information purposes. As this report has been prepared without considering your objectives, financial situation or needs, you should before acting on the information in this report, consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice. This biannual report has been prepared independently by Beaton Research + Consulting and commissioned by Commonwealth Bank. The confidential on-line survey used to prepare this report was undertaken by Beaton Research + Consulting in September to October 2014. The report is based on the views of 20 accounting firms across Australia and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation, but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this report. The project was undertaken in compliance with the requirements of ISO 20252. Commonwealth Bank of Australia ABN 48 123 123 124.
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