{"id":42087,"date":"2023-10-20T15:18:37","date_gmt":"2023-10-20T15:18:37","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/tech-sector-now-represents-5-1-of-australias-gdp-22-of-the-workforce-startupsmart\/"},"modified":"2023-10-20T15:18:37","modified_gmt":"2023-10-20T15:18:37","slug":"tech-sector-now-represents-5-1-of-australias-gdp-22-of-the-workforce-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/tech-sector-now-represents-5-1-of-australias-gdp-22-of-the-workforce-startupsmart\/","title":{"rendered":"Tech sector now represents 5.1% of Australia\u2019s GDP, 22% of the workforce – StartupSmart"},"content":{"rendered":"
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The digital economy contributed $79 billion to the Australian economy in 2013\/14, representing 5.1% of Australia\u2019s gross domestic product, while 22% of employees now work intensively with ICT, according to a new Deloitte Access Economics report.<\/p>\n

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The report, titled The Connected Continent II: How digital technology is transforming the Australian economy<\/i>, was commissioned by Google and follows up from a similar report in 2011.<\/p>\n

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The $79 billion contribution is up from $50 billion or 3.6% of GDP in 2011, representing a 50% increase in real terms. It is forecast to grow further to $139 billion, or 7.3% of GDP, by 2020.<\/p>\n

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To put that into perspective, mining currently represents 8.3% of the Australian economy, manufacturing is 6.4%, and construction is 8%.<\/p>\n

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However, the digital economy is already a larger slice of the Australian economy than transport (4.7%), real estate services (2.7%), education (4.6%) and retail. A number of sectors that are larger, such as finance (8.3%) and health tech (6.4%) are in the process of being disrupted by tech startups or absorbed into the tech sector.<\/p>\n

 <\/p>\n

Around 4% of Australia\u2019s workforce is directly employed in specialist information and communication technology (ICT) roles, but this figure sells short how important the sector is in terms of the workforce.<\/p>\n

 <\/p>\n

Less than 3% of all ICT workers are directly employed by the tech and media sectors. Meanwhile 2.5 million employees, or 22% of the workforce, are in positions that involve regularly dealing with ICT. These knowledge workers include accountants, accounting clerks, advertising, public relations and sales managers.<\/p>\n

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According to the report, aside from direct economic activity involving ICT and tech workers, the sector plays an important role in accelerating the rest of the national economy.<\/p>\n

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\u201cWe estimate that the economy was about $45 billion bigger in 2013 than it otherwise would have been because of the productivity impacts of digital technologies, approximately 3% of the Australian economy. Higher productivity means Australia has greater output for its inputs to production,\u201d the report states.<\/p>\n

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The full report can be<\/i> downloaded here<\/i>.<\/i><\/p>\n

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Follow StartupSmart<\/i> on<\/i> Facebook<\/i>,<\/i> Twitter<\/i>, and<\/i> LinkedIn<\/i>.<\/i> Buy tickets to the 2015 StartupSmart Awards.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The digital economy contributed $79 billion to the Australian economy in 2013\/14, representing 5.1% of Australia\u2019s gross domestic product, while<\/p>\n","protected":false},"author":2,"featured_media":60536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42087"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42087"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60536"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}