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The rise of Australia’s digital economy
Image cc: waag Society

Image cc: waag Society

Deloitte Access Economics’ The Connected Continent II – 2015 report cited Australia’s digital economy to be valued at an impressive $79 billion.

After analysing the effect the Internet has had on the transformation of the Australian economy, the report states the digital economy’s significant growth is larger in real terms by 50% in comparison with the 2011 estimate.

The report also states that the digital economy, along with cloud platforms, smart phones and other devices, as well as social networks, have now collectively become the new beachheads of the extensive impact of the Internet, as these technologies further evolve from basic connectivity and serve to change not just consumer and business interaction, but also the way businesses organise themselves.

Here are some of the 2015 highlights of the report:

  • By 2020, the digital economy is estimated to be worth $139 billion, or 7.3% GDP.
  • The positive impact of digital technologies on Australian productivity caused the economy to be $45 billion bigger in 2013.
  • It is estimated that there are 451,000 ICT (Information and Communication Technology) specialists in Australia, taking up 4% of employment, working in various industries including construction, manufacturing, professional services, education, and health.
  • Ongoing internal business transformational change is brought about by the next wave of related technologies such as the cloud, data analytics, and M2M.
  • The digital economy more widely impacts national welfare through consumer benefits with regard to choice and convenience – estimated to be worth around $75 billion.
  • The digital economy is making a shift from a standalone industry to becoming embedded in businesses across the economy. It is said to be transforming traditional companies like those in retail and manufacturing, as well as service-oriented businesses like banking and other business services.

In Deloitte Access Economics 2011 The Connected Continent report, the $50 billion figure was predicted to rise to $70 billion by 2016.

View the 2011 and 2015 reports here.

Article originally published as: Australia’s digital economy worth $79 billion