In the forthcoming budget, it is expected that the Government will announce a $1.2 billion investment over the next 6 years to support the Government Digital Economy Strategy, the plan outlines a pathway for Australia to become “a leading digital economy society by 2030.”
Areas of Investment:
The strategy outlines three areas for investment aimed at growing Australia’s digital economy.
- Foundations: investing in the right foundations for the digital economy to grow such as: digital infrastructure, cyber security, skills and inclusion, regulation and trade agreements.
- Investing in emerging technologies such as AI, Internet of Things, Data Analytics, Blockchain and Quantum Computing.
- Investing in “digital growth priorities” such as Digital SME’s, modern industry sectors as well as digital government and services.
Although a positive initiative for the technology and innovation industry, The Conversation notes that France and Singapore have implemented similar frameworks, but are spending 10 times more than Australia’s investment which is less than 0.01% of Australia’s overall spending.
Creating the right momentum for growth will be crucial, the Digital Intelligence Index produced by researchers at Tufts University in the United States indicates Australia is sitting in the 17th rank of digital economies, however sits 88th in speed of improvement.
“Moving more business towards the digital frontier is necessary for Australia ’s prosperity in a more competitive, connected and digitally enabled world. Global markets will open up to Australian business through our engagement on the development of international rules and standards for digital technologies, and through bilateral and multilateral agreements with like-minded nations.” – Digital Technology Taskforce, Department of Prime Minister and Cabinet.