Why Australia is on the verge of an internet revolution
AUSTRALIA is on track to become the world’s first country to introduce the world to the internet, according to a study by a major Australian financial company.
The Future of Banking Report by the Australian Bureau of Statistics said the country’s population will double to around 30 million by 2040, with the cost of internet access rising to around $10 per household.
The new government has promised a $2 billion internet infrastructure program, but the report said the costs would be more than offset by the benefits of the internet.
“We’re moving away from being a technology-only country, where we’re going to be in the dark about what the impacts of new technologies will be,” Andrew Mackenzie, the chief executive of the Australian Bankers Association, said.
“And now that we’re in the public sector, we need to get to know what those impacts are.”
The whole point of the survey is to give people confidence that the Government is going to take a real interest in their money and be able to understand the implications of a number of technologies.
“In a report released last week, the banking group said the internet would be a “critical” part of the countrys economic growth by 2035.”
Our research shows that Australia is moving away towards becoming the first country in the world where the Internet will become the critical infrastructure of the economy, with more than half of households connected to the network by 2034,” the report concluded.”
As a result, we believe that the benefits to financial services will be significant.
“It also said the Australian economy will grow by $5.3 trillion to $27.4 trillion by 2036.
The report said Australia was one of the fastest growing economies in the OECD.”
Australia is forecast to grow by around 4 per cent per annum over the next 15 years and by 6 per cent by 2031,” it said.