Analysts are saying that Australia will have around $4 trillion in revenue by 2050. In a report spearheaded by IBM, there are projections that are saying that 35% of these revenues will be by industries that are either given birth or improved by services powered by the NBN network.
Right now, revenue powered by broadband is roughly $131 million. In the same report made by IBISWorld, the numbers are expected to skyrocket to $1 trillion. Phil Ruthven, the group’s founder and chairman, made the announcement when the report was made public. He also said that the new digital technologies that will be powered by the NBN will be the “new utility” of the future.
Ruthven can’t help but show his excitement about the future. He said that we shouldn’t be concerned about the future, since “the best is yet to come”.
There are currently 509 industries in Australia, with the industries of mining, retail, education, health care, public administration, transport and science services set to be the biggest beneficiaries of the improved network.
According to the study, the upcoming broadband technologies are the next big utility that will continue what the wheel, steam, electricity, telephones and the Internet have started.
The NBN is also expected to provide a boost to the services industry of Australia. Tourism is expected to be another beneficiary. Together with the improvements in Asia, the industry is expected to pull in $175 billion per year by 2030 – roughly the same amount that the mineral exports industry is currently getting.
The study also issued a warning, saying that the upcoming changes can cause fear. David Kennedy, a panelist for the study, said that we shouldn’t fear what the future brings. He said that there’s an opportunity for growth and we should be prepared to change and adapt to take advantage of the opportunity.