Australia's Digital Way Forward to Economic Recovery

Australia's Digital Way Forward to Economic Recovery
  • By admin
  • 20 May 2021
  • Digital Marketing

It should be no surprise that the global pandemic has brought about the need for digital innovation among Australian businesses. Necessity breeds invention, as the adage goes – and there's been no shortage of digital adaptation, especially with all the ways businesses have had to cope with the newfound demands of keeping socially distant in public. Once-thriving hospitality haunts have had to quickly adapt, turning their previously bustling venues into standalone kitchens that work round-the-clock to prepare meals to be collected by a waiting army of food delivery riders. Similarly, contact tracing also became a quickly visible example of the new normal that was required of any retailer or vendor wanting to continue conducting business during COVID-19.

A year on, Australia and the world are seeing the first signs of life after the pandemic – especially with vaccination programs being rolled out in every major city across the globe. However, we are hardly seeing a slowdown in the uptake of digitised processes, with the federal government recently backing a push to digitise more of the public and private sector towards 2030.

The Digital Economy Strategy: Australia's Way Out of the Pandemic Economy

While states like Victoria have already provided support for the digitisation of businesses through incentives like the still-running small business digital adaptation programme, the Australian federal government recently signalled firm support for the continued digitisation of the national economy towards 2030. In a recent media release outlining a 'Digital Economy Strategy', the Prime Minister's office described several commitments towards investing in the digital capabilities of the public and private sectors. Among their more notable areas of investment include committing $124.1m to drive the adoption of Artificial Intelligence capabilities, $200.1m to enhance government digital services, as well as up to a combined amount of $27.8m to enhance the digital capacity of small and medium businesses by encouraging the uptake of specific digital processes such as electronic invoicing.

While it's clear that a significant bulk of investment from the federal government is focused towards developing Australia's national capabilities as a member of the global digital economy, it shouldn't be ignored how much of it will also go towards supporting the private sector's digital adaptation. Among these incentives include availing the types of claims Australian businesses can make on intellectual property, as well as on in-house software. As noted by the national Treasurer Josh Frydenberg, "a vibrant digital economy is key to Australia's economic future."

Finding Your Place in this Digital Roadmap Towards 2030

It makes absolute sense to hunker down and look inwards at developing one's capabilities, especially during times of uncertainty. With most of the world still pushing their domestic agendas to pursue mass immunisation through vaccination programmes, it could still be a while before Australia is able to economically benefit from the international inroads it once enjoyed through opening its borders. However, this doesn't mean more time left for sitting around – with the federal government committing to and soon to roll out their Digital Economy Strategy, it might be worth your while to consider how your existing operations can benefit from its own uptake of digital infrastructure.

Whether you're interested in rolling out an electronic invoicing system of your own, or in further developing your business' digital presence through a website and digital marketing, this is definitely a time for you to consult with a digital specialist. There are plenty of ways your business can stand to gain from further developing its own digital capabilities. That's where specialists like our developers at ITCC come in handy. We've worked with Australian businesses of all types and sizes to develop bespoke software solutions that simply help make doing business easier. With the rollout of the Digital Economy Strategy soon taking place in the form of different support incentives being launched from now until 2030, there's simply no telling how you could work with our developers and digital specialists to better understand how you can find your place in Australia's increasingly digitally-ready economy. Contact ITCC for an obligation-free consultation today at 1300 770 119.