$14bn growth for digital economy

A new report by the Australian Bureau of Statistics reveals that Australia’s digital economy has grown by approximately $14 billion under the current government.

The ABS research paper finds that digital economy activities grew rapidly, both in current price and volume. Domestic production of digital products has grown from approximately $79 billion in 2012–13 to $93.5 billion in 2016–17.

Digital economy products are primarily produced in four industries: wholesale trade; retail trade; information, media and telecommunications; and professional, scientific and technical services. Growth in these products has been driven by strong demand for more advanced telecommunications and support services, as well as continued digitalisation of wholesale trade.

Minister for Industry, Science and Technology Karen Andrews said the ABS report findings support the government’s focus on digital economy activities, which is part of its strategic plan to strengthen Australia’s economy and help drive a further 1.25 million new jobs over the next five years.

“Australia’s ongoing economic success depends on our ability to embrace the benefits of technological advances and use them to improve existing businesses, create new products and markets, and enhance daily life,” Andrews said.

“This is why the Liberal National government released a digital economy strategy, ‘Australia’s Tech Future’, in December 2018, to help ensure Australians enjoy an enhanced quality of life and share in the opportunities of a growing and globally competitive modern economy, enabled by technology.

“The digital economy strategy highlights the trillions of dollars in potential economic and social opportunities that digital technologies will bring to benefit all Australians — like our farmers, teachers, patients and small business owners.

“Embracing digital technologies will ensure Australia can continue our strong record of economic growth, improve our quality of life and ensure benefit to all Australians.”

The report can be found here.

Image credit: ©iStockphoto.com/pressureUA

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