Did you know that according to a recent report by Deloitte Access Economics, in 2010, the internet contributed $50 billion to the Australian economy? This figure is 3.6% of our gross domestic product (GDP).
Now, when I first heard this, I thought 'Oh yeah, that's probably right - its still pretty small'. However the next part puts it in perspective. Our iron ore exports, one of the cornerstones of our countries success, our survival of the GFC and our BHP dividends is slightly less than this amount. Additionall the same report predicted that the online economy would grow by another 7% per annum to to be worth 70 billion by 2016.
What is so interesting about this is that our iron ore deposits are finite and are heavily reliant on China (which so far has been a good thing). Our our internet 'deposits' are infinite and not reliant on any one economy.
So, as yourself the question which one should we be pushing hardest? Iron ore or internet?
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