Australia has benefited and prospered from an unprecedented 27 years of economic growth. However, economists argue our good fortune is mainly due to external factors rather than through improvements in the productivity of our industries or workforce. Weak productivity growth is costing the economy dearly and could make Australia uncompetitive in global markets critical for our future. Modelling by PwC, which focuses on the fundamental drivers of economic growth – demographics and productivity – suggests that Australia could slip out of the G20, to 23rd spot in terms of GDP (PPP), by 2030.
The Internet of Things (IoT) provides Australia with an opportunity to address this downward trajectory. If adopted at scale, it could significantly improve the productivity of several of the nation’s key industries and in doing so deliver substantial benefits to the whole economy. If, on the other hand, Australia fails to leverage this technology efficiently and effectively, the country risks a significant reduction in global competitiveness.
This study, a first of its kind in Australia, takes a broad economic and business view of the IoT opportunity. It assesses the revenue and cost implications of the technology on the industries most likely to benefit from it: construction, mining, manufacturing, healthcare and agriculture. It also considers the opportunities for developing the IoT industry (as a subset of the broader ICT sector) in Australia and looks at the cyber security risks associated with increased uptake of IoT technology.