Digital Economy Strategy

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The Digital Economy Strategy is a comprehensive plan set out by the Australian Government to transform the country into a leading digital economy and society by 2030.
What are the main aims and objectives?

The Digital Economy Strategy has a broad range of aims and objectives to transform the country into a leading digital economy and society by 2030. The key goals include nurturing high-growth digital sectors, ensuring digital resources are accessible to all Australians, and establishing a robust digital infrastructure. The strategy has several specific targets. For instance, it seeks to foster economic growth, productivity, and job creation in digital sectors. The strategy also aims to expand the reach of digital programs and improve their effectiveness, as part of its goal to make digital resources accessible to all Australians.

How does the program work?

The Digital Economy Strategy in Australia is a comprehensive plan designed to foster a leading digital economy and society by 2030. Here are the key features of this blueprint:

Main Initiatives

  1. Building Digital Skills and Capability: The strategy includes initiatives to upskill the Australian workforce and the wider community. This includes Digital Skills Cadetships, the Next Generation Graduates program, and the Cyber Security Skills Partnership Innovation Fund.
  2. Digital Infrastructure: There is a focus on enhancing Australia's digital infrastructure, investing in transformative technologies like AI, Quantum Computing, and Blockchain. This includes the Digital Connectivity Package, which supports rural and remote Australians, and the Modern Manufacturing Strategy, focusing on resources technology and critical minerals processing.
  3. Promoting Digital Trade: The strategy includes initiatives such as the International Engagement Action Plan aimed at promoting cross-border digital trade and ensuring the global digital economy benefits Australia.

Objectives:

  1. Nurturing High-Growth Digital Sectors: The strategy is designed to foster growth in digital sectors such as FinTech, AgriTech, and Cybersecurity, providing support for startups and SMEs.
  2. Ensuring Digital Inclusion: The strategy aims to make sure all Australians can access and use digital resources, with initiatives targeting digital literacy and accessibility.
  3. Establishing a Robust Digital Infrastructure: This involves enhancing the nation's digital infrastructure to support the growth of the digital economy.

Focus Areas:

  1. Trust and Security: The strategy emphasizes the importance of building trust in digital technologies and ensuring the security of digital systems.
  2. Regulatory Reform: It aims to create a regulatory environment that supports digital innovation, including modernizing privacy laws and developing a Data Availability and Transparency Bill.
  3. International Engagement: The strategy highlights the need for active engagement with international partners on digital trade rules, standards, and global governance.

The strategy has set numerous targets, including increasing Australia's digital economy to over AUD 200 billion (approx $128 billion) by 2030, creating 1.7 million new jobs in the digital economy, and ensuring all Australian households and businesses have access to high-speed, reliable broadband by 2026.

What is the overall cost?

The Digital Economy Strategy has been underpinned by AUD 2.647 billion (approx. $1.7 billion) in funding. This includes an initial investment of AUD 1.2 billion (approx. $770 million) with a further AUD 347 million (approx. $223 million) being added in 2021 and Aud 1.1 billion (approx. $710 million) being added as part of the 2022 update.  

How was it implemented?

The strategy was released as part of the 2021-22 Budget by the government of Scott Morrison.

The strategy was updated in 2022 with additional funding to support the development of Australia’s digital economy. New actions in the update included:

  • AUD 1 billion for the Technology Investment Boost
  • AUD 70 million to establish a Quantum Commercialization Hub
  • AUD 22.6 million to further support 5G innovation
  • AUD 3.9 million for helping women transition mid-career to digital workforce
  • Reforming Australia’s payment system for the digital age
  • Keeping Australians safe and secure online
What impact has been measured?

There are currently no updates available on the progress of the Digital Economy Strategy towards the goals set for 2030.

CURATED BY

Tom Hancock

Research Associate
Global Entrepreneurship Network
United Kingdom