5G Unleashed: Deloitte Access Economics
New Deloitte Access Economics report reveals lack of business readiness
for 5G adoption placing billions of dollars in Australian economic benefit at risk
The report titled: Realising the potential of the next generation of mobile technology, was commissioned by the Australian Mobile Telecommunications Association (AMTA) to examine the economic impact of adoption levels of 5G-enabled technologies and innovations, and the policy and regulatory principles required to support accelerated adoption.
While Australia has been a world leader in mobile telecommunications for decades and is currently ranked 3rd globally, it is at risk of falling to 9th by 2025 due to lack of business readiness for change and a policy regime that needs to be recharged.
Australian businesses were found to be slow when it comes to readiness for adoption of 5G despite 62% of businesses leaders across four sectors agreeing 5G will accelerate the growth of their business, with 59% saying they have no strategy to realise 5G and nearly 1 in 3 (30%) having no plans to implement 5G.
The report’s economic modelling estimates 5G will increase Australia’s GDP by $67 billion by 2030 based on the current trajectory for adoption, however an additional $27 billion can be realised by maintaining Australia’s global leadership position through accelerated adoption – a 40% uplift in economic benefit over nine years.
Read the full report: