The seven steps Australia needs to take to boost its economy

Asia's Tech News Daily

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Australia can’t assume its 28 years of uninterrupted economic expansion will continue forever and must act now to security its, experts warn.

Deloitte warns Australia is complacent and not guaranteed the same success over the next 50 years as it faces challenges coming out of the Covid pandemic.

The report said major structural changes were underway in the global economy and Australian politicians and business leaders needed to adapt to effectively compete in a more complex and fragmented world.

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‘Out of uncertainty and volatility, we have the opportunity to shape a new future for Australia,’ Deloitte Australia chief executive Adam Powick said.

Central to Deloitte’s report is its new economic sophistication index that ranks countries based on their value add to the goods and services they produce and how well their industries are connected to global supply chains.

Germany tops the table, followed by Britain with Australia at a mediocre 37th.

‘It’s a shock to realise we aren’t doing as well as we think we are,’ head of Deloitte Access Economics, Pradeep Phillip, said.

‘With half a century of hindsight, it’s little surprise that we have an economy characterised by low manufacturing capabilities and missed opportunities from not commercialising our strong research.’

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Dr Phillip said Australia hadn’t built the business or structural foundations required for a diversified, resilient economy.

‘Instead, we’ve been complacent with our success, and our lower value add and weaker connectedness with the global economy compared to our high-income peers is a serious issue for our future prosperity,’ he said.

He said this would make Australia vulnerable if geopolitical tensions with China worsened or meaningful action on climate change caught Australia off-guard.

‘If Australia’s action on climate change continues to lag and, in response, overseas governments introduce limits on our high emission intensity production flows, this too would be devastating for the Australian economy,’ Dr Phillip said.

‘The world would no longer want what we have, and our Index ranking would drop.’

Seven steps Australia needs to take to boost its economy

1. Feeding the world – demand for Australian food is strong, but the core industries involved in Australian food production are among the least sophisticated.

2. Decarbonising the world – with competitive advantage in natural resources, technologies and energy, Australia can take part in the move to global decarbonisation, by producing new sustainable energy.

3. Shaping the future of health – Australia can create new value by using technology to turn its world-class health research into implementable health and wellbeing solutions.

4. Looking to the sky – Australia has a strong track record in the areas it has chosen to play in space, but also needs to grow its capabilities from niche research and manufacturing to end-to-end products and services.

5. Manufacturing the future – Australia should have a clear focus on moving up the value chain by connecting advanced manufacturing into areas of greatest economic opportunity.

6. Satisfying the senses – Australian organisations need to continue to be responsive and innovative by co-designing products and services for the ever-changing demands of consumers.

7. Servicing the world’s businesses – using virtual and digital technology, a significant opportunity exists to export business-to-business services such as engineering, telecommunications, professional services, and financial and insurance services.

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