Technology booms at expense of jobs

A noted serial entrepreneur and author has suggested that technological innovations are filling the void in Australia from the end of the mining boom, however this innovation may be coming at the expense of jobs.

A noted serial entrepreneur and author has suggested that technological innovations are filling the void in Australia from the end of the mining boom, however this innovation may be coming at the expense of jobs.

Roger James Hamilton, a British entrepreneur who created the Wealth Dynamics and Talent Dynamics profiling systems and has authored several books, including Fast Forward Your Business and Wealth Dynamics eGuide, pointed to the rapid rise in stock exchange listings of technology companies in Australia in recent years.

“Australia has risen from being the 13th largest tech IPO market in 2013 to the 5th largest in 2015, with only US, UK, China and Germany ahead of it,” said Mr Hamilton.

“Australia’s reputation in the tech world has grown rapidly, not only because of global tech companies listing in Australia, but as a result of Australian technology getting more press internationally than ever before.”

Mr Hamilton also pointed to the US listing of Sydney-based Atlassian, which valued the company at around $6 billion, and the fact that tech company Tesla has chosen Australia as the first country to rollout its new battery to store solar-generated power, as further examples of the booming local technology industry.

“But while many Australian tech companies are leading the way, they will need to work hard to remain ahead of the game,” Mr Hamilton said.

“The change in the digital landscape over the next five years will be greater than what we have seen over the past two decades combined.”

He pointed to employment as a key aspect of the way technology is changing the way we do business.

“[The Australia’s future workforce? 2015 report from the Committee of Economic Development of Australia (CEDA)] shows that more than five million jobs, which make up almost 40 per cent of Australian jobs, have a likelihood of disappearing in the next 10 to 15 years as a result of technology advances,” Mr Hamilton said.

“So understanding how technology is changing is no longer just a luxury, but is becoming a necessity.”

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