Australia’s burgeoning ‘Internet of Things’ (IoT) industry could improve productivity and transform the national economy, Senator Jane Hume has told industry insiders.

Senator Hume – the Minister for Superannuation, Financial Services and the Digital Economy – made the remarks on Tuesday, in a speech at the 2021 IoT Awards hosted by IoT Alliance Australia.

Citing a 2018 study by PwC, Senator Hume said IoT-related spending in Australia is growing at a rate of 14% a year and unlocking productivity gains of about 2% a year.

These effects are most evident in five of Australia’s core industries, Senator Hume said, with construction, manufacturing, health care, mining and agriculture reaping the benefits.

“That’s why the government has prioritised building capabilities in emerging technologies, including IoT, as a key pillar of our digital economy strategy,” she said.

Under the digital economy strategy, the Federal Government intends to make Australia a leading digital economy and society by 2030.

The government has earmarked $1.2 billion to fund this strategy already, and Senator Hume said a keen eye is being kept on its implementation.

“We know that data is the lifeblood of the digital economy,” she said.

“That’s why the Morrison Government is developing the Australian data strategy, outlining our vision to unlock the value of data in the modern data economy.

“This is just the beginning. We recognise that technology is fast changing and evolving, and that’s why our strategy is a living one. We will continue to track progress towards our 2030 vision and adjust course as we need to.”

Senator Hume extended her congratulations to the ceremony’s winners and nominees, which included Ambulance Victoria (transport services award), Inauro’s Perspio platform (smart data use award) and Allume Energy’s Solshare (energy award).

Sources:

• IoT Awards, Welcome to the 2021 IoT Awards