INSIDER MAGAZINE: CBH chief executive Ben Macnamara sees no end in sight for agricultural growth in WA

Shortly after Ben Macnamara graduated from Edith Cowan University around the turn of the century, he booked a one-way ticket to Sydney to start what he thought would be a career in auditing. Fast-forward more than two decades and Macnamara helms CBH, the co-operative responsible for 90 per cent of the State’s grain farmers. Agriculture is an often unsung workhorse of the WA economy, of which it contributes 3 per cent, making it the fourth-biggest industry by contribution. Macnamara grew up on a farm at Williams, a two-hour drive south-east of Perth. Acknowledging agriculture is “not something you can turn on or off”, he decided straight after uni that he would go work in Sydney. “I do recall sitting on a plane, going ‘jeez, I may never come back or never may never live back in Perth’,” Macnamara recalled to Insider. But return he did. His years in Sydney included a stint at Price Waterhouse Coopers in mergers and acquisitions, followed by two years in the big four consulting firm’s London office. Returning to Perth in 2009, Macnamara stayed in M&A until 2014 when he returned to his roots and took up a post with CBH as business development manager. CBH was perhaps a natural fit given his farm upbringing. Two of his brothers are grain growers (“we try our best not to talk about ag, and we don’t often succeed”) and before joining the cooperative he “got involved ... whenever there was something related” to agriculture that came across his desk while working in investment banking upon his return to Perth. “I think the draw of agriculture, it’s sort of the family business, so when an opportunity came up at CBH, I jumped at it,” he said. “I remember looking at the job description for the (business development) role, and going ‘it almost is my CV’. I’m incredibly passionate about agriculture, most people in our business are and ag is a 24/7 business, whether you’re in farming or in a business like CBH.” Under Macnamara’s leadership, CBH hit a financial surplus in the year to September 2022 of almost $498 million. In the 2021-2022 financial year it was ranked the country’s top co-operative with annual turnover of $6.23 billion, a little less than double second ranked health insurer HCF, according to the Business Council of Co-operatives and Mutuals. Despite the strong position, Macnamara sees further growth over the next decade as CBH nears its centenary. Two years into his tenure, he’s proud of the role CBH has played in WA’s record grain harvest of 22.7 million tonnes — a huge jump on recent levels. “We’ve had the two largest crops on record and they’ve been back to back,” he explains. “And that’s never happened in our history.” Two years ago, Macnamara says, the biggest crop was 16.6 million tonnes and successfully navigating the enormous jump is a testament to the group’s dedication — particularly given the tumult in that period: war, a pandemic and ensuing supply snarls. “We haven’t seen this level of volatility ... you almost have to go back to the First World War in grain markets, incredibly volatile, you’ve got a lot more grain at a significantly higher prices, given what was happening in Ukraine. And that creates a whole range of other issues,” he says. Key in that has been ensuring CBH continued to deliver value to its members — something he says has not always been easy. Registered in 1933, growers took control of what would eventually become the nation’s biggest grain exporter a decade later in 1943. The group was superpowered through a 2002 merger with the Grain Pool of WA and today has about 3500 grower members, 100 receival sites, a fertiliser business, four ports and its own rail fleet. Macnamara is particularly enthused about a recent order for CBH to double its rolling stock of railway vehicles, aimed at addressing country bottlenecks. The cooperative secured $160m from the Federal Government and $40m from the State Government for the purchase. The funding from two levels of government is merely 20 per cent of the total cost, with CBH stumping up for the remaining 80 per cent. But the process started in 2017 and when it’s suggested to Macnamara that $40m is not a huge amount of money for rail infrastructure, he initially responds that it’s important to be thankful for what has been allocated. But the Government should take note this isn’t the end of the issue. “We want to demonstrate that we’re a good partner to work with, and on that basis, we’d like to see that packages two, three and so on ... continue to rise,” Macnamara says. “And that’s going to be important because we don’t own the railway lines. We don’t own the the roadways in WA. We don’t own much of the port infrastructure ... we don’t control the dredging that comes into our into our terminals. “What we are seeing in international markets is significant investment into infrastructure. And if we’ve learned something through COVID, it’s about supply chains. International customers are investing in in things like ports like you wouldn’t believe. And what they’re seeking is bigger infrastructure to enable bigger vessels, which are more efficient, have more efficient carbon footprint. “As an export state, I think we’re going to need to continue to invest in our ports. Obviously, Westport is a clear focus of this government. And we’ve seen some good signals around some of our regional port infrastructure as well. That’s going to be an important thing as an exporting state.” Macnamara is much more measured than some in the agricultural sector about being seen, heard and valued for its contribution, but while conceding it can do a better job of selling itself, he is no less unequivocal that it is a key industry. He points to how WA grain products are prized across the world for their use in food and beverages — particularly crucial at a time of uncertain food security in some parts of the world. “There’s so many opportunities in the ag space. To be involved in ag doesn’t mean you need to own a farm and run a farm,” he says. “You can work in the support industries, you can work in a trading organisation, banks, insurance companies, there’s so many opportunities for people to get involved in a growing sector, and a really important one for WA, and also Australia. “No two seasons in agriculture are the same. So you’re always going to be dealing with different challenges and opportunities as they come up. It’s a very fast-moving industry, notwithstanding maybe some outside perceptions, you know, things can change in an instant.” As a relatively new chief executive, and by his own admission, “quite a structured person”, Macnamara is mindful of delivering on promises. “I’m also mindful of doing what I say we’re going to do, and that’s something that’s sort of been ingrained in me from a young age or through how I was brought up,” he explains. There is no one leader, Macnamara says, that he’s aiming to emulate or is inspired by. Instead, he seeks to grasp the best qualities of several people he’s encountered through his professional life and apply his own personal traits. He’s also keen to avoid burning out, which has been in the spotlight lately as leaders publicly admit to it as they leave before many expected them to. The father-of three advocates regular breaks to refresh and energise. “The world doesn’t stop turning just because you’re not there.”

INSIDER MAGAZINE: CBH chief executive Ben Macnamara sees no end in sight for agricultural growth in WA

Everyday Digital

Weekend Papers + Everyday Digital