The Australian Government needs to start promoting and investing in the future of the Australian economy. This means they must become a tech leader. Australia has lagged behind most other developed nations in technology adoption. The poor economic climate, government spending, and the lack of a strong education system have made Australia far less attractive to global tech companies. The good news is that Australia still has strong economic potential and should become a tech leader; they just need to get started.
Unfortunately the current government policy does not support any sort of initiative to stimulate the economy. As a result businesses are not willing to start new or expand existing businesses. In the end this means there is nothing in the current government can do to spur the economy forward. The only option for an Australia that could become a vibrant center of tech activity is to fully embrace a free market system and grow their current economy from the outside in.
There are several ways for the current government to do this. The first and probably easiest is to increase tax revenue through a business expensing scheme. Currently any company that operates outside of Australia must register with them to operate in Australia. They also must pay a significant amount of taxes to the current government. If the current government can reduce these costs, they will be able to attract more tech companies to Australia.
The second way that the current government can stimulate the economy is to reduce their current government spending. By reducing the number of projects that are funded the current government can free up some of the cash that is currently being used for projects. For instance the Federal government recently took out $1 billion in debt grants for high schools and universities. This money will be dispersed to many different companies and organizations that can then invest in improving the company’s bottom line.
A third way that the current government can help stimulate the economy is to invest in the company’s that are not currently Australia based but that have global ambitions. In recent years Cisco has expanded into India and China, both of which are highly competitive countries. By investing in these companies Cisco can help to ensure that it remains competitive in the international market place. It also helps the company to expand into new markets. By investing in these companies with local offices or with international partners Cisco ensures that it maintains a strong foothold in each country it operates in.
Australia must become a tech leader in order to keep up with competitors in the global markets that it is trying to enter. The first thing that the government can do is to invest in research and development. Australia has a number of excellent tech companies that have received government funding in the past. If these companies were to fully utilize their opportunities they could help develop Australia’s economy while simultaneously creating a number of jobs. Additionally, investing in research and development makes Australia a better country to be a citizen of, as it lessens the likelihood that a nation will face a disastrous demographic disaster like China has.
Finally, if Australia wants to become a tech leader it must invest in infrastructure improvements to make its companies more efficient. These improvements can come in many forms such as purchasing state of the art IT equipment, investing in new IT students, or improving the nation’s roads and rail systems. By spending money on these things the current government is doing a number of important things. It is important to note that many of these companies are well established and have been operating for years, so the funds they put into the economy is relatively low, but still considerable.
Australia must become a tech leader and doing so by investing in the businesses and universities that form the backbone of the Australian economy. By getting involved with these ventures in any way possible can help the future of Australia. It is important to note that this is only one element of what needs to be done to get Australia moving forward. Australia must work with other governments as well as other international organizations to fully utilize its vast resources in an effort to keep itself viable as a country to follow.