Monday, 2 December 2019
The Harvard Atlas of Economic Complexity's deficiency is that it completely omits Australia's complex services exports. Services are 73 per cent of Australia's economy. They comprised 21 per cent of exports in 2018-19 and about double that on a value-added basis. Key contributors were complex fields, such as education, telecommunications and financial services.
The government's industry policy settings are already focused on the value-adding capabilities of the economy, with the record investments in our science and research agencies, an increased focus on building our advanced manufacturing sector and policies to strengthen our advantages in emerging technologies, including block chain and AI.
Question agreed to.