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In a world where new rules are being created at an ever faster pace, the time is now for Australia to modernise its economy and pursue a more economically sophisticated path to define a resilient and globally competitive post-pandemic future.
A new Deloitte report – Australia remade: a country fit for the age of disruption, the latest in the firm’s Building the Lucky Country series – presents a new way to make sense of change and disruption, and allow policy makers and business leaders to take the necessary steps to pursue growth and shape the future of Australia by becoming more economically sophisticated and sustainable.
The report is based on:
The analysis looks to address Australia’s particular complexity challenges:
Deloitte’s new Deloitte Economic Sophistication Index ranks countries and their economies based on two measures: the value added to the goods and services an economy currently produces; and how well connected the industries that make these products and services are in global supply chains.
Countries that rank high on the Sophistication Index – and Germany sits on top – are those that perform well across both value added and connectedness. Ranked 37th on the other hand, Australia‘s prosperity has come at the cost of investing in and enhancing the productive and adaptable capabilities in its economy.
A more complex, more sophisticated, economy can deliver genuine opportunity. Our analysis points to seven key ecosystems which will matter for Australia in the years ahead: feeding the world, decarbonising the planet, shaping the future of health, space and related technologies, manufacturing the future, tourism and experiences, and servicing the world’s businesses.
David is a macro economist with extensive experience in applied economic and quantitative analysis of the Australian economy, along with considerable experience in labor market analysis. David is a regular commentator on macroeconomic trends, and prepares a weekly economic briefing newsletter.
Mairead joined Deloitte Access Economics in July 2018 after completing a Bachelor of Economics and a Bachelor of Commerce from the University of Queensland. Mairead’s recent work has focused on economic analysis of public policy, particularly in the areas of climate change and innovation.