Placing technology at the centre of Australia’s economic growth
The Tech Council of Australia (TCA) congratulates the Australian Labor Party on winning the 2022 Federal Election.
Kate Pounder, CEO of the TCA said, “Over the course of the campaign, the Labor Party has announced a number of crucial initiatives aimed at helping to grow Australia’s incredible technology sector.”
TCA worked with Australia’s new Prime Minister, the Hon. Anthony Albanese, prior to his appointment when he committed to support the goal of having 1.2 million people in tech jobs by 2030.
“Setting this goal on behalf of Government matters because it sends a clear signal to Australians that employers will sign-up to create these jobs, and there is a shared commitment to help Australians work in them, including through reskilling and training opportunities.” Ms Pounder said.
“We want to partner to create great, well-paid, secure jobs for Australians, and to make sure the right training is in place to help Australians get into them.”
In addition to the jobs goal, Mr Albanese and Mr Husic outlined a Critical Technologies Fund to deliver $1 billion in investment support through loans, equity and guarantees for businesses in critical technologies.
“This fund will enable the tech sector to capitalise on this once in a generation opportunity to make Australia a global tech powerhouse – to deliver billions in economic activity, provide secure, flexible, well-paid jobs for Australians and make Australia the best place to start and grow a business.” Ms Pounder said.
“Over the last decade, Australia has shown it can create globally successful tech companies from locations ranging from Sydney to the Sunshine Coast. This includes success stories such as Atlassian, Canva, Afterpay, Wisetech, Seek, REA, Airwallex, SafetyCulture, Go1, Cultureamp and Employment Hero.”
“Our success means that 2.2 per cent of the world’s tech unicorns ($1Bn companies) have come from Australia, even though our share of global GDP is just 1.6 per cent. It shows we can punch above our weight in the global tech race. Critically, it also shows Australia has gained an important, new industrial strength in our economy: software development.” She said.
“Now we need to do the same for the next generation of strategic tech industries. That is why we are especially pleased to note the fund will target key areas including quantum computing, artificial intelligence, robotics and software development.” Ms Pounder said.
“Australia already has a good head start in areas such as quantum where according to research from McKinsey we attract 3.6 per cent of global funding for quantum, compared to our 1.6 per cent share of GDP. However, we do believe there is a genuine funding gap for these next-gen strategic industries, and this fund will help complement existing private funding.”
“The TCA acknowledges new members of Parliament, including from the Greens and independent candidates. These parliamentarians represent electorates of significant importance to the tech sector, with large numbers of tech workers and tech companies in these seats. We look forward to working with all members of the new parliament on advocating, developing and implementing forward looking policies that support the growth of the Australian tech industry.”
“The TCA also wishes to acknowledge the Coalition for its work in supporting the technology industry. Since the Coalition came to power in 2013, the technology sector has boomed, becoming the third biggest contributor to GDP and the seventh biggest employer.”
“A number of critical reforms were implemented over that time, including the landmark National Innovation and Science Agenda under Prime Minister Turnbull in 2015, Senator Jane Hume’s leadership to develop the Digital Economy Strategy, and Senator Andrew Bragg’s work to advance the discussion to make Australia a leading digital assets market and the recent budget implementing world-leading employee share scheme reform. We also acknowledge Stuart Robert MP for his work in the area of skills.”
“The Tech Council of Australia will actively work to partner with Government to give Australians the
chance to get a well-paid, secure, and flexible job in the tech industry.” Ms Pounder said.
About the TCA
The Technology Council of Australia launched in 2021 with a clear vision to ensure the tech sector plays a critical role in Australia’s recovery from the COVID-19 pandemic. The TCA has said the biggest and most urgent risk to the goal of employing one million people in tech sector jobs by 2025 is acute labour shortages facing the tech sector. That means we must act now to ensure we can fill the new tech jobs we’re creating in Australia over the next four years. Three goals for the tech sector in Australia:
- Employ 1.2 million people in tech-related jobs by 2030
- Contribute $250 billion to GDP from tech-related activity by 2030
- Make Australia the best place to start and scale a company
Sofia Polak, Harry Communications
0434 275 449