Australia’s crash in the mining industry fuelled by China’s demand has made Australia rethink their future economic growth. Prime Minister, Malcolm Turnbull has talked about the country embracing the new challenges of the 21st century.
Australian Government is now evaluating other sectors of the economy such as healthcare, tourism, education and technology. Can they grow fast enough to replace the mining boom and sustain the economy?
After employment becoming more steady and the tourism sector remaining strong and growing stronger. The people believe technology companies in the major cities can provide the economic boost the country needs.
Mike Baird, Head of the NSW government, talked of his vision for the $20 billion redevelopment of waterfront land in Sydney’s inner west, (Close to Sydney Harbour) to become a tech hub.
It is rumoured that the Australian Government has been inspired by tech hubs in London and San Francisco. The government will propose to transform a rusting power station into the regional HQ of a global tech company beginning in 2017.
“The industrial waterfront of Glebe Island and the White Bay Power Station will be transformed into a global centre for hi-tech jobs and innovation. It will be a place where global giants of technology and innovation cluster and connect with start-up entrepreneurs, business incubators and accelerators,”Baird said.
“Like London’s Tech City, New York’s Roosevelt Island, and California’s Silicon Valley, we can create Australia’s quantum harbour.”
NSW Health has also proposed creating a MedTech hub in the area.
“Over the next 25 years, the digital economy will grow as a share of the total economy from just over 5% now, to 22% in 2040,”Baird said.
This is exactly what the Australian Government need – stay ahead of the curve and prove they are internationally recognised for their Smart Government initiatives.