Google predicts Australia to become “A nation of creators” with $109 billion tech economy
Google has predicted that Australian technology businesses will contribute as much to the economy as retail and education within 20 years.
Australia's upward curve set to continue
The analysis by Google and PricewaterhouseCoopers predicts the economy will be worth £109 billion dollars and 540,000 people by 2033.
“We need to act now so that we become a nation of creators,” said Alan Noble, Engineering Director of Google Australia.
The technology sector currently makes up 0.1% of the country’s economic output and employs 9,500 people. Google estimates that will increase to 4% of Australia’s GDP.
“It’s really since 2007 that we’ve gained a tech startup culture,” PwC partner Jeremy Thorpe said.
“We missed, in a sense, the first tech boom and we’re late for the second tech boom, so we’re coming from a weaker position.”
The report says that Australia ranks ahead of the developed economies of Israel and the UK as a favourable environment to start up a business.