On 25 January 2020, authorities confirmed the first case of COVID-19 in Australia. By March, there were so many unemployed workers registering online for welfare support (100,000+ in a single morning) that some mistook it for a cyber attack. The International Monetary Fund has warned Australia could be one of the worst-hit economies in the Asian region, with the Australian economy forecast to shrink 4.5% this year. While businesses, government and society more generally are naturally focussing on the immediate ‘shock’ and ‘management’ phases outlined in Australia Rebooted, it is important to look beyond to consider what the economy and nation will look like in a post COVID-19 world.
The telecommunications, media and technology (TMT) industries have a critical role in navigating Australia through the crisis and emerging from it stronger. COVID-19 comes at a time when technology trends have been reshaping the economy, but arguably not fundamentally transforming it. Australian companies are increasingly spending on technology products and services, yet some of the largest contributors to the economy are still below average in their digital adoption. TMT companies in Australia have been the highest adopters of digital practices, and have seen the largest long-term productivity change, but broader adoption of digital, IoT and big data strategies have had limited impacts on labour and multifactor productivity across other sectors of the economy.
Click below to read PwC’s ‘Where next for telecommunications?’