NSW Digital Pulse launch - A new approach to building technology skills

Highlights

  • ACS and Deloitte Access Economics were honoured to host the Hon Daniel Mookhey MLC, Treasurer of NSW, to officially launch the NSW edition of Digital Pulse in Sydney.

Some of the key statistics from the report include:

  • A lack of the right digital skills is currently costing Australian businesses $3.1 billion each year which could top $16bn by 2030.
  • The pace of technology investment in Australia is projected to skyrocket from $171B in 2023 to $259B by 2030, this rate of growth is three times faster than overall business investment
  • By the end of the decade, half of Australian businesses will be using AI, data analytics, and robotics but technologies like Generative AI mean businesses will need to do more to keep up with their employees
  • 75% of working hours for Australian workers will be affected by key technologies, heralding a significant skill shift across industries.
  • In the report, ACS proposes a National Digital Skills Strategy including a skills-first education and training initiative, a national skills platform, more support for career transitions towards a tech-orientated career, to boost the diversity in tech skills, programs to boost Women in Tech and assist skilled migrants utilise their capabilities.

NSW-related talking points include:

  • New South Wales has nearly 348,000 technology workers, up 5% from last year.
  • This is predicted to grow to 496,357 by 2030, a growth rate of 4.5% per year.
  • The ICT sector contributed $50 billion to the NSW economy in FY22.
  • 30,000 businesses that have headquarters in the state.
  • The NSW technology workforce reached 348,000 in 2022, half are employed in businesses outside the traditional ICT sector.
  • NSW is home to 60% of Australia’s Fintech startups, an important digital-intensive industry vertical.
  • Nearly 4.2 million workers across NSW will be substantially impacted by critical technology
  • Research from Deloitte’s Generation AI: Ready or not found that NSW had the highest share of current users of Generative AI (53% compared to the national average of 32%), making NSW most likely to face the most imminent rapid changes from this technology in the coming years.
  • The NSW economy will experience imminent and extensive disruption from Generative AI with the five industries to be impacted the most by the technology accounting for 33% of the economy.
  • Critical technology such as AI will significantly impact the work of 96% of the NSW workforce
  • NSW is home to 60% of Australia’s Fintech startups, an important digital-intensive industry vertical.
  • NSW has the highest share of current users of Generative AI (53% compared to the national average of 32%).
  • Nearly 4.2 million workers across NSW will be substantially impacted by critical technology
  • $60 billion projected annual technology investment in NSW in 2030
  • 23,000 New technology workers needed in NSW each year until 2030.
  • Already outdated digital skills cost NSW large businesses $1.1 billion per year.
  • Maintaining leadership will require ensuring tech skills of the workforce match the rapid pace of developments in technologies such as AI, robotics, and advanced data analytics.

 

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