Care to know how far has Australia gone in terms of economic growth with the help of the Internet? Well, it’s pretty obvious that it’s doing really well. Based on a report in June 2021, there was a rise of 1.8 percent in the Australian economy in the first quarter of this year compared to 0.8 percent in December of 2019.
Accordingly, this positive escalation of the economy in Australia is due to multifaceted factors, among them is technology.
How Important Is New Technology?
New technologies are having a great impact on the lives of both people and businesses. Today, most homes and businesses are harnessing the power of the Internet to make life more prosperous in this part of the planet.
As stated in a report released by the Office of the Chief Economist, digital technology is driving Australia’s productivity growth so that wages and living standards increase which clearly depicts the country as a digital leader in its major industries. Its adoption of new technologies is translated to well-paying jobs for women and men of all qualifications, progress in their quality of life, increased connectivity as well as benefits for consumers. And as far as connectivity is concerned, Aussies are now enjoying the best home wifi deals offered by numerous Internet Service Providers today.
Digital Economy Defined
The Australian Government has a clear definition of this concept, “the global network of economic and social activities that are enabled by information and communications technologies, such as the Internet, mobile and sensor networks”. Included in this aspect are conducting communications, managing financial transactions, entertainment, education and most importantly, running the businesses through the use of computers, phones and all other devices.
Further, the digital economy is not just about physical goods and services but it’s also about data which is the product itself. Thus, to create a digital economy, it’s equally important to have a source of information that leads to action.
Certainly, the Internet is a great contributor to truly elevating the status of Australia to be one of the leading digital economies of the world. Experts say that the country may not have enjoyed the potential innovation in the digital economy if it didn’t have open access to the right categories of information.
It’s small wonder that Australia is predicted to increase its gross domestic product (GDP) by an added A$140 billion to A$250 billion by the year 2025 by fully making good use of the opportunities presented by the “internet of things,” big data analytics, automation as well as online talent platforms.
Another proof of Australia’s economic development as reported by Data61 states that the rise of technology gave many significant results that could make the country earn worth $315 billion to its economy over the next ten years with the advancing improvements on prevailing industries and welcoming the birth of new ones.
This implies that opportunities for design and innovation have contributed to the improvement of existing businesses and eventually improve the quality of their products, thanks to the Internet. Without it, you wouldn’t find the best home wifi deals there are today.
