Digital strategy will define our future prosperity

An exciting new plan to help Australian businesses embrace digital technologies will play a significant role in ensuring we are a leading digital economy by the end of this decade.

“We have a chance here to reshape and improve our place in the world, but we need to lift our productivity and we can do that through rapid digital adoption,” Chief Economist Dr Ross Lambie said.

“The Government’s new Digital Economy Strategy is the catalyst we need to start significantly increasing digital capability, improving our productivity, raising our long-term economic growth, and locking in our future prosperity.

“The Strategy is comprehensive and far reaching, touching all areas of the economy, and has come at the right time as the economy recovers from the COVID-19 pandemic. Australia can become a modern and leading digital economy over the next decade.

“Small and medium sized businesses throughout Australia have been slow to participate in and gain the benefits from digital transformation, which is why the strategy’s focus on Government enabling businesses and individuals through access to the technology and skills is vital.

“Small and medium sized business will no longer miss out on the productivity and profitability gains that can be achieved through the adoption of digital technology.

“The Strategy will also ensure all regions can operate smarter, grow and create the much-needed jobs by embracing technological developments such as Artificial Intelligence, rather than just reading about them.

“Crucial to this strategy will be cybersecurity. The adoption and successful implementation of digital technologies by small and medium sized business must come about as part of a secure digital environment. Without trust in the technologies, achieving greater participation by these businesses is likely to prove challenging,” Dr Lambie said.