Why the Investment in Tech From the Government and Private Sector are Key to Australia’s Positive Outlook
22 July 2017 by Lisa Rossi
With interest growing in the upcoming Technology in Government expo (this year’s event will be held in August), it seems that industry wide, people are keen to see how the government’s investment in ICT is panning out. The approaches and strategies used to innovate in the use of technology in the public sector are always an interesting matter, and this showcase promises to reveal a lot about the important relationship between the tech industry and the way Australia is running.
Last year there was much talk about the touted ‘ideas boom’, and how by investing in technology – including assisting tech start-ups – Australia could potentially replace the mining boom with a new boom in technological research and development. A lot of the work being done in that direction is likely to be presented and discussed at the conferences at the Technology in Government event, along with other key matters that affect the tech industry and the public sector, such as diversity.
But just why has technology been chosen as such a strong focus for Australia, and how is the world responding to the ideas boom concept?
New Directions
Australia just cleared a record-equalling landmark of 26 years without an official recession, which speaks a lot to how well our economy has managed when you consider the almost universal economic struggles of the past decade. Many felt that the collapse of the mining boom would usher in harder economic times, however it has been Australia’s flexibility that has kept it performing well through the global economic crisis, and that flexibility is what is now helping reduce the negative economic impact of the end of the mining boom.
While those involved in currency trading will have noticed that the Australian dollar has been weaker of late, this has been used as an incentive to other countries to import Australian products, and this has been somewhat effective. However, where Australia is really seeking to shine is in new technology and innovation – something new is very easy to export if you are the only country producing it!
Both national and regional governments have been looking at where smart investment can be made to promote growth in the tech sector, and the regional government in New South Wales is even trying to work with the business community to foster the growth of an Australian equivalent of Silicon Valley in the area.
With a good climate for start-ups and investment from the government in the right places, it seems that the wheels are in motion to kickstart an Australian tech innovation boom, and it seems like global investors are definitely taking notice of this.
Significant Interest in Australian Markets
Australia has been touted earlier this month as the safest place for investors to put their money – not just in the short term, but for the next decade. This is in no small part down to the climate that looks to support businesses and foster economic growth. However, while the Australian market is one that investors are very keen on, they have been advised by experts like Credit Suisse to stay away from Australia’s most expensive stocks, and instead focus investment on smaller companies with the potential to expand into future stock market darlings.
Whether you are interested in share trading or not, this advice is interesting in terms of how the markets view the Australian economy right now, and where they predict it will go. They seem to be of the sentiment that Australia offers stability for investors, but that newer, smaller businesses will offer the best returns. This is almost exactly in line with the objectives of fostering an ideas boom, so it really shows that the Australian approach is one that the markets currently have faith in as far as generating growth for the next ten years.
Innovation can, of course, be a tricky thing to rely on – after all, good ideas can only come about through a lot of experimentation, and this inevitably means lots of other ideas that fail. However, with the attitude of positivity toward Australia’s attempts to support its new innovators, both the world and the government seem to be expecting big things to come out of Australian tech in the near future.
Disclaimer: The content was provided by Murray LeClair, freelance writer with Utility Media.
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