In a bold move to secure Australia’s digital future, the government is pouring an extra $1.2 billion into the nation’s digital landscape through its ambitious Digital Economy Strategy. This visionary plan lays out a comprehensive roadmap, setting the stage for Australia to become a leading digital economy by 2030.
As this strategy unfolds, let’s take a closer look at how investments in infrastructure, skills, cybersecurity, regulations, and digital trade will unlock the full potential of our digital revolution.
The Three Pillars of the Digital Economy Strategy
The COVID-19 pandemic thrust digital technology into the spotlight, proving its vital role in keeping businesses running across every sector. From telehealth and e-prescriptions to online shopping, cloud computing, and remote working, the pandemic triggered a massive leap in our digital capabilities—and our appetite for data.
The potential benefits of this digital surge are nothing short of staggering, with estimates suggesting it could add up to $315 billion to the economy over the next decade. But the strategy isn’t just about boosting the bottom line; it’s about laying the groundwork for long-term growth and innovation, setting Australia up as a modern, leading digital economy and society.
Built around three core pillars, this strategy recognises that it’s the ingenuity of Australian businesses and individuals that will ultimately drive our success.
Pillar One: Laying the Groundwork for a Thriving Digital Economy
The first pillar is all about setting the right conditions for a flourishing digital economy. This means investing in digital infrastructure, nurturing a skilled workforce, ensuring digital inclusion, securing trade agreements, bolstering cybersecurity, and implementing robust regulations. The goal? To create an environment that not only embraces but leads in the adoption and creation of trusted digital technologies, keeping Australia competitive on the global stage.
Pillar Two: Embracing Emerging Technologies
Emerging technologies are the engines of future productivity and prosperity, and the second pillar focuses on building capabilities in these transformative fields. The government is keenly aware of the pivotal role these technologies will play in shaping our digital future. By staying ahead of the curve, Australia aims to be at the cutting edge of technological development, ensuring we’re not just participants but leaders in the digital revolution.
Pillar Three: Prioritising Digital Growth
The third pillar sets out strategic priorities for driving digital growth, jobs, and capability across the economy. This includes boosting the digital capabilities of SMEs, supporting globally competitive industries, fostering the emerging technology sector, and delivering secure, efficient digital government services. This holistic approach underscores the strategy’s wide-reaching impact, covering all corners of the economy.
Promoting and Protecting Critical Technologies
At the heart of the strategy is the promotion and protection of critical technologies through the Critical Technologies Hub. This hub advises the government on opportunities, developments, and risks in key tech areas, ensuring alignment with national interests—whether that’s national security, economic prosperity, or social cohesion.
The strategy has pinpointed critical technology fields like advanced manufacturing, artificial intelligence, quantum technologies, biotechnologies, and clean energy. The government’s actions are focused on providing access to secure, inclusive technologies, positioning Australia as a trusted global partner, and fostering regional resilience and competitive innovation.
Supporting Critical Technology Development and Adoption
The strategy extends its support to industries in critical technology areas such as AI, quantum computing, and robotics. The government recognises the immense potential these industries hold for job creation, economic growth, and enhanced global competitiveness, and is committed to driving their development and adoption.
Shaping Global Standards for Critical Technologies
Australia isn’t just keeping up with global standards—it’s helping to shape them. By taking an active role in the design and implementation of international standards for critical technologies, Australia ensures that products, services, and systems meet the highest benchmarks of safety, consistency, trust, and reliability. This strategic influence helps to secure Australia’s place on the global stage as a leader in critical tech.
Growing the Cybersecurity Industry and Workforce
The interconnected nature of digital growth and cybersecurity is undeniable, and the strategy places a strong emphasis on expanding Australia’s cybersecurity industry and workforce. As cyber threats become more frequent and costly, strengthening our cybersecurity capabilities is essential to safeguarding the resilience and sustainability of Australia’s burgeoning digital economy.
Steering Digital Economy Policy and Regulations
Navigating the complexities of the digital world requires coordinated efforts, and that’s where the Digital Technology Taskforce comes in. This taskforce is the nerve centre for the government’s whole-of-economy digital policy, ensuring Australia remains agile and responsive to the ever-changing digital landscape. By monitoring developments in emerging technologies, digital adoption by SMEs, digital skills and inclusion, and data’s role in the economy, the taskforce plays a crucial role in shaping the nation’s digital policies and regulations.
Navigating the Digital Future
Australia’s Digital Economy Strategy 2030 isn’t just an investment—it’s a bold commitment to charting a digital journey that will transform the nation into a global digital powerhouse. By laying strong foundations, embracing cutting-edge technologies, and setting strategic growth priorities, Australia isn’t merely adapting to the digital age—it’s defining it. With a focus on critical technologies, global standards, and cybersecurity, this strategy is as comprehensive as it is forward-thinking. As Australia embarks on this digital odyssey, the world is watching, eager to see how we’ll harness innovation for economic growth and a prosperous digital future.