Digital technology and data are increasingly important for the Australian economy.Policies that promote digital innovation and adoption are needed to encourage productivity growth.Provisional Reports of the Productivity Commission on 5 -Year Productivity Investigations Examining Digital Role and Tools and Applications that can be played in sustainable Australian prosperity.
“Technology and digital data have changed our economy and society, but we have not used their full potential,” said Commissioner, Dr. Stephen King.”Technology such as artificial intelligence, robot automation and large data analytic can revolutionize how businesses operate and help lift the growth of Australian productivity by reducing costs, improving the quality of goods and services, and increasing the choice of products for consumers.
Australia has lack of skills
“This report identifies several obstacles that can limit further adoption of digital technology including inadequate internet, lack of skills, uncertainty about benefits, security issues, cost system’s and inheritance.”We succeeded in about the basic aspects of technology and data use, such as internet scope, but lagging behind in more advanced fields such as absorption of analytical businesses and artificial intelligence,” said Dr. King.”We also need fast, reliable and affordable internet to allow businesses to take sophisticated digital technology.
“”The government can help by increasing investment in digital infrastructure, especially in rural and remote , forming digital partnerships with the private sector, and ensuring we have workers who are ready in the future.”Business of all sizes must also be encouraged to invest in digital technology and cyber security.
Consumer confidence will be very important to support this investment.”Technology and digital data will continue to shape global economic growth and social change in the coming years.”Are we fully aware that the productivity dividends offered by this opportunity will depend on how effective the government, business, and individuals can recognize and safely use this change for Australian profits. “Said Dr. KingThe productivity commission now invites comments about Australian data and digital dividends to inform the final report. The submission was closed on October 7, 2022.