A symbiotic relationship between the United States and Australia’s thriving technology ecosystems has come to light, underscoring the tech tango danced by the two allies. The report, launched on Wednesday and entitled “Harnessing the Hidden Value: How US Tech Workers Boost the Growth of Australia’s Tech Ecosystem”, puts the dollar sign on the strategic economic investment, emphasising the American contribution of over $1 trillion to the Australian economy in 2021.
The report was thrust into the limelight by none other than Australia’s Ambassador to the United States and former Prime Minister, Dr Kevin Rudd AC, who emphasised the importance of this relationship, particularly in the wake of major new alliances such as AUKUS and the QUAD.
Boasting a workforce of 100,000 people, US tech firms are not only major players but also significant employers within Australia. Furthermore, they act as veritable breeding grounds for skill enhancement, shaping the Australian tech landscape.
The numbers tell an exciting tale. For instance, only 1% of people working in the tech sector in Australia have experience in a scaling-up firm, as compared to 17% in Singapore. The report also highlights that early to mid-career workers in Australia experience a 2.6% increase in productivity when paired with an experienced US tech worker.
CEO of the Tech Council of Australia, Ms Kate Pounder, affirmed that “this report highlights how that relationship directly boosts productivity, as well as grows jobs and skills in Australia.”
Microsoft Australia’s Director of Corporate Affairs, Belinda Dennett, eloquently pointed out the ‘spillover effect’ as US tech workers pass on skills and knowledge, creating a technological uplift that permeates the economy.
In addition to Microsoft and LinkedIn, many other US tech firms are playing a pivotal role in creating a diffusion of skilled professionals that “contributes positively to our local economy,” as expressed by Matt Tindale, LinkedIn’s Managing Director for Australia and New Zealand.
Furthermore, 80% of those Australians employed by US tech firms who leave, take their talents to home-grown companies, start-ups, or the public sector. This annual cohort contributes a substantial $613 million in value added to the economy.
The report not only underscores the vital role played by US tech organisations in Australia’s tech sector but also extends its impact across the wider Australian economy.
Jennifer Westacott, AO, CEO of the Business Council of Australia, capped off the conversation stating, “This research shows the importance of large global tech businesses adding value, skills and experience for Australian workers needed by all businesses in the economy.”
The clear consensus? The Australian tech sector is saying “G’day, USA!” and the relationship is blooming. The alliance is not just political but extends into the realm of economic partnership, innovation, and a shared ambition to keep dancing the tech tango.
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