Access Economics has conducted research into the ‘Economic Benefits of Intelligent Technologies’ for IBM Australia. The key findings were presented to an AIIA lunch in Sydney on 9 July by IBM Head of Government Relations, Kaaren Koomen as a preface to a keynote address by Senator Stephen Conroy on the topic of ‘How the NBN will fuel Australia’s Economy’.
Access Economics findings indicate that smart systems are the most effective method for achieving Australia’s long term economic growth potential.
The report indicates that the five key areas where intelligent technologies and systems will make a significant impact are:
4. Health; and
5. Broadband communications.
Adopting smart technologies in these fields will increase the GDP by 1.5% within 10 years, according to the research, with the outcomes by far superseding the initial capital outlays involved. In addition, smart technology systems will also increase productivity across the economy, the report states.
The findings of this Access Economics report highlight that investing $3.2 billion in smart grid technology over seven years will lower electricity use by 4%; increase the GDP by $7-16 billion over the next ten years and generate nearly 17 000 jobs.
There is the potential for the creation of 800 jobs and a rise in the GDP by $240-$670 million over the next ten years through smart systems adoption in the irrigation areas of the Murray-Darling Basin. This smart technology will also reduce water use by around 15%, according to the report.
Adopting smart technologies in transport and health will result in the creation of 30,000 and 12,000 jobs respectively and the use of intelligent technologies in transport will increase the GDP by $12-26 billion over the next ten years.
Access Economics has conservatively estimated the economic growth potential resulting from the application of intelligent technologies to Australia’s broadband communications would result in a GDP increase between $8-23 billion over a ten year period. This estimation includes the predicted generation of 33, 000 jobs within the next three years.
The full report is available for download from the Access Economics’ website.