Adopting emerging technologies could boost Gross State Product (GSP) by an additional 11.8 per cent to 2035, which is equivalent to $11,600 per person or $27,400 a household.
New technologies could lift the state’s productivity growth to two per cent a year, whilegovernment annual own-source revenues could also grow by as much as $4.5 billion by 2034-35.
Treasurer Matt Kean said the new Adaptive NSW: How embracing tech could recharge our prosperity report outlines how harnessing technology can raise living standards for people across the state.
“NSW, like much of the world, faces a productivity challenge due to declining workforce participation caused by an ageing population and interrupted migration due to COVID-19. This is why we need to look at new ways to foster economic growth,” Mr Kean said.
“The world is on the threshold of enormous technology opportunity and a suite of emerging technologies could recharge NSW’s productivity growth for years to come.
“This improved productivity could deliver additional revenue for the state to invest in new schools, hospitals and other infrastructure.”
Emerging tech could power over a decade of robust economic growth, lifting GSP growth to three per cent a year until 2034-35, according to the joint report released today by the NSW Productivity Commission and the NSW Innovation and Productivity Council.
Minister for Science, Innovation and Technology Alister Henskens said the report shows that as more organisations adopt automation, new jobs will be created across NSW in expanding and new industries, which will help grow the economy and secure a brighter future for NSW.
“Equipping a tech-focused workforce and encouraging the adoption of emerging technology sits alongside our government’s strong support for a world-class research and innovation ecosystem,” Mr Henskens said.
“There is a growing need to improve our digital readiness and through programs such as Driving Digital Skills and TAFE NSW’s Institute of Applied Technology, we are equipping the next generation with the skills they need to ensure NSW remains at the forefront of the booming tech industry.”
NSW Productivity Commissioner Peter Achterstraat AM said the report shows that a forward-looking approach is needed to encourage rather than stifle the uptake of emerging technologies.
“This means embracing technology to improve public services and supporting private sector tech adoption with smart regulation,” Mr Achterstraat said.
For the full report, please visit: https://www.productivity.nsw.gov.au/adaptive-nsw-embracing-tech.