‘Work closely:' Tech giants' plea to Labor
Social media giants are calling for more consultation with the Albanese government in developing tech policy, saying Australians are reaping nearly $82bn a year in value for largely free digital services.
Industry group Digital Industry Group Inc (DIGI), which includes tech giants like Meta, Google and Microsoft as members, commissioned the report by Oxford Economic's head of economic impact Michael Brennan.
It found an Australian household gets $7836 in surplus value from digital services, totalling $81.93bn and doubling from figures recorded in 2019.
The number represents the amount people are willing to pay for the services, with their actual cost, which the report notes are often 'free and low-cost'.
The report comes as Labor gears up to launch a productivity roundtable to boost the economy, wages and the quality of life for Australians. Digital Industry Group said there needed to be more industry consultation on regulations around technology. NewsWire/ Gaye Gerard Credit: News Corp Australia
Managing director Sunita Bose said the report was evidence that the digital industry helps to drive productivity, and boosts 'Australia's long-term economic resilience'.
The programs include services such as email, search engines, online shopping sites, as well as social networking sites and online entertainment platforms.
She also urged more 'balance' when regulating big tech, and acknowledged policy to boost 'economics and innovation' needed to be balanced with 'safety, ethics, and public trust'.
'There are persistent tensions between privacy and safety – for example, the social media minimum age law, which will come into effect in six months, will see Australians of all ages having to verify their age with increased personal information across a range of services,' she said.
'Getting the balance right means the government has to work extremely closely with the people who are building digital technology, to make sure we're putting in safeguards that actually work.' DIGI managing director Sunita Bose took aim at the incoming social media ban for children under 16. Source: Supplied. Credit: Supplied
She pointed to AI as an area where 'immense productivity gains' could be made – with powerful lobby group Business Council of Australia also making a similar push, calling for primary and high students to be educated in the emerging technology.
'The government needs to build on the immense productivity gains from AI while preparing our education system and workforce for it,' she said.
'Every sector in the Australian economy is using AI, and so we need to carefully consider what the right economy-wide guardrails are to mitigate risk, so that Australians are confident using this technology.'
The Albanese government is set to hold a roundtable into boosting Australia's productivity growth in August to shape future economic policy.
Making the announcement on Tuesday, Anthony Albanese said he wanted the talks 'to build the broadest possible base of support for further economic reform' and lead to 'concrete and tangible actions'.
'Our plan for economic growth and productivity is about Australians earning more and keeping more of what they earn,' the Prime Minister said.
'We want to build an economy where growth, wages and productivity rise together.'
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