Australia’s AU$315 billion opportunity

Friday 5 Oct 2018

 
Digital innovation can deliver AU$315 billion in gross economic value to Australia over the next decade, according to a new landmark report from AlphaBeta Advisors, commissioned by CSIRO's Data61.

Launched at D61+ LIVE in Brisbane, the Digital Innovation report outlines the nation's next billion dollar industries and strategic areas where Australia can succeed in creating data-driven industries that will drive jobs and growth by building on our core strengths as a nation and improving collaboration between research and industry.

While Australia has had economic growth for some time, the report shows the need to increase productivity and find new sources of export competitiveness to secure the economy's future prosperity in an increasingly competitive global marketplace.

"Every sector of the global economy has been re-defined as a result of digital science and technology and the extensive use of data," Adrian Turner, CEO at CSIRO's Data61, said. "This next digital wave to revolutionise existing industries and create entirely new ones is ours to capture. But the opportunity is perishable if we don't collectively take action now.

"Progressive data-driven organisations are investing in four core areas to realise value from data; data capture, management, analysis and taking action with it. Combining this data with domain expertise, in areas like healthcare, agriculture and mining, is where we can create an unfair advantage."

AlphaBeta Director, Dr Andrew Charlton, said digital innovation has created enormous value globally and accounts for around 11 per cent of GDP in advanced economies, amounting to an annual value of $6 trillion. However, Australia has lagged our peers in capturing these benefits.

"Digital innovation is critical to improving our nation's productivity and sustaining economic growth. It's not just about creating the next Google or replicating Silicon Valley," Dr Charlton said. "Rather, almost half of economic benefit from digital innovation comes from the adoption of new technology across existing industries.

Australia's strongest opportunities are in focusing R&D investment and applying digital innovation to existing industry strengths where key drivers of competitiveness are already in place such as strong domestic markets and in high quality basic research.

The report identified eight high-potential opportunities for Australia in digital innovation, set to be worth AU$155 billion annually in the Asia- Pacific region over next decade: precision healthcare, digital agriculture, data-driven urban management, cyber-physical security, supply chain integrity, proactive government, legal informatics, and smart exploration and production.

Data61 has already begun tackling some of these high-potential opportunities, through the launch of a national digital challenges program, which is designed to facilitate stronger collaboration between research, government and industry on strategic and national data-driven challenges to accelerate large scale outcomes.

To download the Digital Innovation report, visit: www.data61.csiro.au/digitalinnovationreport.

For more information on the Challenge, visit: www.data61.csiro.au/challengeprogram

Source: CSIRO

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