Employment to boom 1624% by 2030 for Australia’s digital economy
- Crypto and related digital assets will help shape Australia’s future.
- Digital assets currently employ about 11,600 people in the country.
- The sector will contribute $68.4 billion to the economy by 2030.
Employment opportunities created by cryptocurrencies, blockchain, and the digital economy are expected to swell by more than 1624% by the end of the decade.
An EY analysis commissioned by digital asset infrastructure firm Mawson Infrastructure Group found Australia was in a prime position to cash in on the burgeoning sector.
The report, ‘Cryptocurrency and The Distributed Digital Economy in Australia’, highlighted the opportunities that crypto, blockchain, and the digital economy could have on the Lucky Country into the future.
The report found that in 2021, digital assets will contribute some A$2.1 billion to the Aussie economy, employ 11,600 people, may reduce electricity price volatility, and will assist in the transition to renewable energy.
EY’s analysis indicates that by 2030 the impact could be A$68.4 billion to the Australian economy and employ more than 200,000 people.
According to IBISWorld, the five biggest industries by employment in Australia for 2021 are State Government administration, health services, professional services, community services, and consumer goods (retailing).
To put the growth of the digital asset economy into perspective, the 10th largest sector for employment in Australia is aged care residential services, which employs more than 313,000 people.
Australia’s federal government has already stated its goal to make the country a destination for cryptocurrency and blockchain businesses.
As the industry grows, it is expected that fit-for-purpose policies will be implemented along with regulatory frameworks which will provide more security and certainty to consumers and the wider crypto industry.
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