Internet and communication technology is fast becoming a utility, and just as electricity once transformed the world’s economy during the industrial age ICT will do the same.
The report predicts that
- by 2050, this new “utility” will generate around $1 trillion in revenue for Australia – almost eight times the $131 billion it generates today. The benefits will touch many industries, from public administration to retail, healthcare, education and, surprisingly, mining.
- Australia will shake off its dependence on the export of natural resources over the next half century. Instead, we will become known as an exporter of services such as tourism, business services, health and education services. For example, the value of tourism alone could match the current mineral exports totalling around $175 billion by 2030.
According to the report Australia’s future will be fundamentally transformed by this new utility.
It echoes our belief that the web is quickly rewiring Australia’s economy. This may bring some challenges, but it also delivers great opportunities for us all.
You can download the full report here.
Posted by Iarla Flynn, Head of Public Policy, Google Australia & New Zealand
