According to new data released by Deloitte at Telstra Vantage, the telco’s annual innovation and tech event in Melbourne, the benefits of 5G to Australia’s GDP are expected to come in at up to $2,000 per person, or between $32 billion and $50 billion, by 2030.
The report 5G mobile technology: Are businesses ready to seize the opportunity? – which saw Deloitte polling some 550 business leaders from across Australia – showed that more than three quarters of those surveyed (78%) believed faster, more reliable and more responsive mobile telecommunications would benefit their business.
Telstra CEO Andrew Penn said the Telstra commissioned research was a timely contribution to building the understanding of the community, business and policy makers about the transformational opportunity presented by 5G for the nation.
“The report finds 5G technology will contribute to Australia’s economic growth through increased productivity, workforce participation and new business opportunities,” he said.
“Deloitte has estimated the Australian economy is already two per cent larger because of the productivity benefits of mobiles, and recent forecasts by the Bureau of Communications and Arts Research put the benefits of 5G to Australia’s GDP at up to $2,000 per person, or between $32 billion and $50 billion, by 2030,” Penn added.
“Australia needs an ambitious agenda to fast track the adoption of 5G and make the sophistication and reach of our wireless networks a competitive advantage in the global economy,” he added. “With thousands of technology leaders from Australia’s leading businesses in attendance at Telstra Vantage over the next two days, it is an important time to be talking about whether we are doing enough as a business community to lead on 5G.”
“We are already rolling out 5G network technology and commercial 5G services are around the corner. The good news is most Australian businesses are gearing up to be ready to adopt 5G, with over two thirds of businesses surveyed by Deloitte expecting to be using 5G in 2020,” the Telstra said.
Deloitte reviewed a range of innovative organisations – including Surf Life Saving NSW, transport company Linfox and agricultural exporter Peloris – that are adopting technologies like drones and the Internet of Things sensors that will be supercharged by 5G.
“5G will enable a host of new technologies to scale and be fully operationalised. Australian businesses are already well on this path with 80 per cent reporting they are already implementing or expect to be using new technologies that will be enabled by 5G within the next three years, such as artificial intelligence, drones and augmented reality,” Penn continued.
“The most cited barrier for businesses potentially adopting emerging technologies is that it might be too expensive,” he said. “Over 40 per cent of businesses said this was one of their top three concerns.”
“Interestingly though, close to half of businesses said they would be willing to pay at least 10 per cent more than they currently pay in order to have faster, more reliable mobile telecommunications,” said Penn.