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The study estimates that digital innovation can deliver AUD 315 billion in gross economic value to Australia over the next decade, making it a critical ingredient in the nation’s ongoing economic success. The economic opportunity is great. However, there is a risk Australia will not fully realise it. New analysis shows that in the past, aside from some pockets of success, Australia has failed to capture the same economic value from digital innovation as other countries. The productivity gain from technology in the Australian economy has been below that of its peers, and the country has not managed to build its own digital industries at the same scale.
The next wave of digital innovation will be driven by technologies that collect, manage, analyses and use large amounts of data. These big data technologies are set to transform a wide range of industries from mining to agriculture and health – much like personal computers and the internet have transformed the retail, information, and media sectors over the past two decades. Australian businesses will become more productive if they adopt these new technologies.
See figure below for the breakdown of high potential for Australia’s digital innovation.