Australia’s Digital Economy Boom

4 Aug

The Age has a good article on the state of Australia’s digital economy this week:

According to a report to be released today by Deloitte Access Economics, commissioned by search engine giant Google Australia, the internet economy was worth about $50 billion in 2010, 3.6 per cent of gross domestic product, and was forecast to rise to $70 billion over the next five years.

Billed as the first attempt to measure and track the full contribution of Australia’s digital economy, Deloitte’s report calculates that the internet economy’s $50 billion size was half of the powerhouse mining sector’s contribution to GDP last year, and just $3 billion less than the retail sector’s share.

It concludes that the total economic benefit of the internet to the wider Australian economy stands at about $80 billion – including productivity gains to households and businesses.

But it does not say how much of the growth in the internet economy is at the expense of other Australian industries.

Read the full article here.

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