research
Small business: Digital growth
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Abstract
Small businesses and the economy generally, can realise significant benefits by embracing mobile and internet technologies to transform their operations. Powered by PwC’s Geospatial Economic Model (GEM), the report shows that small businesses can unlock an additional 49.2billionofprivatesectoroutputoverthenexttenyearsbymakingbetteruseofthesetechnologies.IneachStateandTerritoryacrossAustralia,smallbusinesseshavethepotentialtohelpgrowtheeconomy.TheeconomyofeachStateandTerritoryisunderpinnedbydifferenteconomicdrivers.Asaresult,eachhasopportunitiestocontributedifferently.Lookingatthissamefigureingeographicterms,nationallyeveryFederalelectoratewouldcontributealmost327.7 million of economic output over the next ten years (or approximately $33 million per year). This would be roughly the same as a significant capital project like a major roadway or a hospital update.
And the benefits are not limited to large businesses, tech-companies, or those based in capital cities. Small and medium businesses across a wide range of industries and locations stand to benefit.
GEM provides unparalleled insights into where potential economic gains are located. For the first time, an economic analysis allows us to explore where potential economic gains are located, down to every State/Territory and Federal electorate.
PWC\u27s modelling shows that while all regions and industries have much to gain, some have more to gain than others. For example, 53% of the potential economic benefit can be made by small businesses located outside Australia’s inner metropolitan centres. Furthermore, 17% of Federal electorates (or 25 of the 150) could account for 50% of the potential private sector boost to the economy