David Larocca is the Chief Executive Officer and Regional Managing Partner of EY Oceania, leading more than 700 partners and 9,000 people across Australia, New Zealand, Fiji and Papua New Guinea. He is a member of the EY Asia-Pacific Operating Executive, EY Global Practice Group and the Champions of Change coalition. David joined EY in 2003 and has over 25 years’ experience advising public and private clients on infrastructure and major transactions across Australia, Asia and Europe. Known for his pragmatic, inclusive leadership, he is focused on delivering client impact, strengthening culture and helping organisations build more efficient, accessible and sustainable communities.
Recently, in an exclusive interview with CIO Magazine, David shared insights into how his professional journey began in project finance before founding EY’s Infrastructure Advisory team, driven by the tangible impact of building roads, rail, and airports that transform communities. On trends and AI, he believes the next wave of digital and AI-enabled infrastructure will demand stronger government-private partnerships as costs rise and budgets tighten, while warning leaders not to go to market before fundamentals like problem definition and risk allocation are clear. His words of advice for young professionals are to stay curious, ask one more question, and look beyond the immediate task to build perspective and opportunity. The following excerpts are taken from the interview.
Hi David. Every CEO’s path starts with a first step. Looking back at joining EY in 2003 as a founding member of the Infrastructure Advisory team, what made you choose infrastructure and advisory as your career foundation?
My path into infrastructure really started before EY. I initially fell into it while working in project finance at Westpac many moons ago, and what drew me in was the tangible nature of the work. Infrastructure allows you to see the outcomes of what you do – roads, rail, airports – projects that physically come to life and, at their best, genuinely transform how people live and work.
What do you love the most about your current role?
What I enjoy most about my role is the diversity of it. Every day is different, whether it’s spending time with our clients, engaging with our people across EY, or being involved in our community and global network. What really stands out is hearing about the positive impact we have through our work – that’s what makes it so rewarding.
Infrastructure underpins economies, yet funding and delivery are under pressure. What will change most about how infrastructure is financed and built in the next five years?
It’s a challenging time for the sector. The case for infrastructure investment remains strong, particularly across transport, social, energy and increasingly digital infrastructure. But rising costs, constrained government budgets and shifting private sector risk appetite are making delivery more complex. As a result, stronger partnerships between government and the private sector will be critical, particularly as we move into the next wave of digital and AI-enabled infrastructure.
Risk is central to transactions and advisory. What emerging risk do leaders underestimate most when planning long-term projects today?
One of the most underestimated risks is going to market before the fundamentals are fully worked through. Projects need a clear understanding of the problem they’re solving, realistic cost expectations and a well-considered approach to risk allocation. When that isn’t in place upfront, it tends to create issues later in the process.
Diversity and inclusion are central to your passion. What’s one practical step organizations can take this year to move from intent to real inclusion?
There’s no single action that addresses real inclusion. And its never ‘done’. Progress requires consistent effort, clear tone from the top and genuine commitment across the organisation. While it’s obviously the right thing to do, it’s also essential for driving business. Our clients and stakeholders rightly expect it, and it needs to be embedded in how we operate day to day.
Leaders need perspective beyond the boardroom. What book, not about business, has shaped how you think about people and culture?
I am not a big book reader, but Steve Jobs’ biography has always stuck with me. He wasn’t a perfect leader – no-one is – but he had a clear vision, he was relentless in pursuing it and surrounded himself with amazing people. I also loved his obsession with the customer – we talk about client centricity at EY. Steve Jobs embodied this.
Many CEOs have a “signature question” before making big decisions. What’s the one question you ask yourself?
The question I come back to is simple: what haven’t we thought about? It helps challenge assumptions and ensures we consider risks and perspectives that might otherwise be missed.
What is your biggest goal? Where do you see yourself in 5 years from now?
My biggest goal is being as good as I can in my current job. I also want to look back when I am long gone out of the role and think I made a small contribution to making EY an even better firm than it was when I stepped into the role.
If you could gift one skill to every young professional starting out, what would it be?
If I could give one skill, it would be curiosity. Ask one more question, look beyond the immediate task, and seek out opportunities outside your core focus. That mindset opens up learning, builds perspective and creates opportunities over time.