Govt consulting on Digital Economy Strategy

The federal government has launched a consultation paper on the design of its planned Digital Economy Strategy, to be released early next year.

The strategy will be developed in consultation with industry, SMBs, government departments and the community, and will seek to outline how stakeholders can work together to achieve the benefits of digital transformation for the Australian economy.

Once complete, it is expected to address topics including digital infrastructure, digital business capability and building digital skills while improving inclusion.

The consultation is seeking views on how to drive productivity within existing industries and take advantage of economy-wide changes to develop new industries. It will also explore how to develop globally engaged, innovative and high-growth digital businesses .

Minister for Industry, Innovation and Science Arthur Sinodinos said Australia is well-positioned to be a world leader in terms of digital innovation.

“Digital technologies also allow our businesses to work smarter, save time and access new customers, markets and information. Digitally advanced businesses are more innovative and more likely to be growing revenue and creating jobs,” he wrote in the forward to the consultation paper.

“Australia already has areas of competitive strength, such as energy resources and medical and mining related technologies. We have significant opportunities in emerging sectors like FinTech and precision agriculture. If we move quickly to get in front of our competitors, build on these strengths and become a world leader in digital innovation, McKinsey has predicted we could boost the Australian economy by $140 billion to $250 billion over the next eight years.”

Image caption: Detail from the cover of the federal government’s ‘The digital economy: opening up the conversation’ document.

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