With the release of new research by economists AlphaBeta, we now have updated answers to these questions - and more!
In fact, AlphaBeta found that Google’s advertising and productivity platforms are helping more than a million Aussie businesses and have helped deliver business benefits in the order of $35 billion so far this year — in a big boost to small business growth, job creation and national productivity. This is more than double the 2015 estimate, reflecting the continued growth of Australia’s digital economy.
The report also found that digital tools like Google Search and Maps have saved Aussie businesses 97 million hours - a saving valued at $2.9 billion - by helping businesses find information faster, and get from A to B more quickly. Check out the infographic below for more on the economic contributions identified in the research:
Caption: Infographic showing different aspects of Google Australia’s economic impact as estimated by AlphaBeta.
The report is a reminder that digital tools can be a big driver for job creation, productivity gains, and small business growth in Australia. Of course it’s important we have the right settings in place to allow Australia to realise the full potential of our growing tech sector and digital economy.
This new research follows the recent release of report for industry group DIGI that found the tech sector could contribute up to $207 billion a year to the economy by 2030 (a 70% increase on the 2018 figure of $122 billion).
Posted by Michael Cooley, Senior Policy Manager, Google Australia