Australia has weathered the COVID-19 storm effectively. Now we must regulate our sails to catch the best wind in the recovery.
Some days, when finding out a newspaper, you might deem that COVID-19 is an economic tournament. Essentially it is miles no longer – it is miles a public effectively being disaster appreciate none in living reminiscence. With out a doubt there are profound economic impacts, but the first belief of policymakers at all ranges turned into the preservation of life and effectively being.
Our success in this, along with our economic discipline lately, enables us to better address the economic impacts. The latest user self assurance and employment figures are encouraging and it appears to be like our worst fears about each public effectively being and the economy will no longer be realised.
The technological adjustments that accelerated at some stage in COVID-19 will continue, and the public and private sector emphasis on resilience and self-reliance will stay.
There is a standard orthodoxy that these shifts emerged with the virus – they did no longer. They were phase of secular traits that preceded COVID-19 and were accelerated by it. The US had already begun to expose inward, alternate wars were afoot, a restructuring of international provide chains had commenced, and the digitisation of the economy turned into effectively below design.
The momentum of these traits will continue to manufacture as we find better, and the energy of our national recovery is contingent on our ability to exercise that momentum.
We must strengthen and nurture rising abilities to power economic development each within abilities firms, and across the economy as industry sectors will count on rising applied sciences to rework.
Now not that long ago there were fewer than 10 listed abilities firms on the ASX with a market cap over $1 billion. This present day there are greater than 30. We must shrug off our ancient ambivalence in direction of rising abilities and include it as a fundamental job creation mechanism of the put up-COVID-19 economy.
This might well per chance enable us to pursue extra resilient and self-reliant provide chains in crucial sectors.
The importance of that is starkly illustrated in the COVID-19 vaccine rollout. Having a domestic manufacturing and provide chain functionality in the manufacture of CSL and its transport partners has given Australia an enviable self-reliance. Building stable, self-reliant provide chains and capabilities for fresh and rising crucial industries can also mute stay a fundamental heart of attention at a national level.
Contained in all that is a pervasive challenge that – appreciate most challenges – is additionally an alternative if we address it appropriately. The digitisation of industry has been accompanied by an escalation in the number and variety of cyber safety threats. Australia’s snappily evolving domestic functionality in cyber safety must be preserved and prolonged in expose to counter these threats.
Safety is horizontal for all industry. Economic development is dependent on industry digitisation, which is itself dependent on cyber safety. Resilient provide chains must be digitally and physically stable. And our rising abilities industries – the engine room of the fresh economy – must be stable by originate.
In my time on the board of AustCyber, I even believe considered our cyber safety alternate evolve snappily. We believe turned an $800 million alternate in 2018 into one worth greater than $3 billion this day. We believe developed coaching infrastructure thru Field Hill TAFE and other projects nationally to energy this development.
Now that organisation is taking the subsequent step to befriend the rising and crucial safety ecosystem by merging with another no longer-for-profit, Stone & Chalk, which specialises in rising abilities commercialisation. Here’s no longer a call that turned into taken flippantly but turned into one that, after cautious consideration, I turned into proud to endorse unreservedly.
Australia’s future is in the fresh economy. Evolved manufacturing, automation, synthetic intelligence, monetary abilities, alternate digitisation and, certain, cyber safety, will be the engine room of job creation in the coming decades.
Creating a commercially sharp, resilient national functionality in all of these applied sciences will guarantee that our legacy firms can become, our entrepreneurs can succeed and our nation can prosper.
If we stay reliant on international suppliers for this technological functionality we are able to be forever catching up. The integrated organisation that I’m going to be obsessed on will eye us lead. With the honest industrial infrastructure for crucial and rising applied sciences, Australian alternate will manufacture the future in its achieve apart of waiting to understand it.