MIL-OSI Australia: Coalition grows digital economy by $14B

By   /  March 1, 2019  /  Comments Off on MIL-OSI Australia: Coalition grows digital economy by $14B

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Source: Australian Ministers for the Department of Industry, Innovation and Science

1 March 2019

Australia’s digital economy has grown by approximately $14 billion under the Coalition Government, according to a new Australian Bureau of Statistics report just released.

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, thanks to the strong economic management and business conditions set by the Coalition.

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 strong focus on digital economy activities, which is part of our strategic plan to strengthen Australia’s economy and help drive a further 1.25 million news 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,” Minister 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 at: http://www.abs.gov.au/websitedbs/D3310114.nsf/home/ABS+Chief+Economist+-+Full+Paper+of+Measuring+Digital+Activities+in+the+Australian+Economy

Australia’s Tech Future can be found at: https://www.industry.gov.au/data-and-publications/australias-tech-future

Media contact: Minister Andrews’ office 02 6277 7070

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