Problems facing the Australian technology sector
The biggest problem facing the Australian technology sector is the ongoing recession, which swept across the country in the last few years. As employers had to hire more staff to prevent being closed down, the number of applicants looking for work also increased rapidly. For those who lost their jobs in the recession, finding a suitable position has become even harder. Tech startups – those making groundbreaking developments in technology – have been particularly affected by the recession, with many of them choosing to downsize, or leave the country.
The solution to this dilemma was a concerted effort by government, industry, and academia – as well as entrepreneurial groups such as Tech Nation and The Forum. It started with the government creating an ‘accelerator fund’ to encourage start-ups, as well as supporting research and development through state and federal bodies. This gave the sector something to fall back on during the recession when funding was limited. Another initiative was to establish the Australian Technology Futures Strategy, which provided tax incentives for companies who were able to demonstrate an interest in developing new products in Australia and abroad.
The thrust of these initiatives was to demonstrate to the world that the country was a progressive, innovative, and open-minded place, willing to move at the forefront of technology and willing to take in innovative ideas from other industries. Australia’s leading online tech news demonstrated to investors that the country was well prepared to embrace new technologies and that they would be able to develop their own brand in the digital space as well.
The response to this was a flurry of start-ups in the tech sector, with most of them originating from the larger cities of Sydney and Brisbane. In response to the new demand for Australian technology, Australia’s government has also taken steps to strengthen its position as a global technology leader. In April, it announced a $1.5 billion investment into IT and research and development and set up the national Future Assets Facility to support growth and development in the sector.
The strength of the Australian economy is evident in its ability to attract and retain the top international talent. Many top universities in Australia and throughout the developed world are world-class. The country is home to many top-ranked business schools, such as the University of Melbourne, the University of Sydney, and the universities of New South Wales, Adelaide, and Queensland. Furthermore, there are many highly skilled software and information technology professionals in Australia that have come to Australia from other countries. All of this ensures that the quality of the Australian economy remains high.
However, it is not just the quality of the economy that is driving the Australian economy forward. The country has also implemented some proactive measures to foster an environment that is conducive to entrepreneurial activity. The Federal government has implemented amendments to its Computer Crime Legislation and the Security Trade Legislation, including changes to encryption laws.
The Federal government believes that the introduction of strong encryption laws is a vital step in improving cyber security. These new laws are designed to protect individuals from the malicious activities of people using computers and the Internet to conduct commercial activities. The Federal government considers that the introduction of encryption laws is necessary because of the increasing threat posed by cybercriminals, including people engaged in international and domestic criminal activity.
There is an enormous amount of potential for the flourishing of the Information Technology sector in Australia. This is evident in the number of technology companies that have been established in recent times. These include companies such as telecommunications company Telcos and ISP iiNet, as well as software giants like Microsoft, Adobe and Sun Microsystems. The growth rate in the IT sector in Australia has been consistent over the past few years, with companies in various sectors such as media, finance, pharmaceutical and software seeing significant increases.
In recognition of the need to develop innovation and technology, the Government has been proactive in establishing various programs. One such initiative is the Australian Cyber Strategy, which has seen several activities developed to promote innovation in the cyber world. The Australian Government has also been involved in establishing various programs and initiatives that encourage innovation and provide frameworks for the country’s tech sector. These efforts include the participation of the tech industry in the patent process and the assistance provided to small and medium businesses in establishing their presence on the World Wide Web. A notable example of this is the grant program established by the Federal government to encourage tech startups.
In considering the contributions made by the private sector in Australia’s overall economy, several policy developments have been undertaken. The Federal government is presently offering tax rebates and other financial incentives to business entities that make use of the information technology and innovation resources available in the country. The government is also exploring options that would allow companies in the sectors of Information Technology and Innovation to expand their businesses overseas, thereby contributing to the overall strength of the Australian economy. The goal of these initiatives is to bolster the country’s economy with the creation of new jobs and wealth created by these companies in other parts of the world. The success or failure of such initiatives, therefore, would be determined by the commitment, efficiency, and success of the country’s techno-savvy business entities.