Trends Identified

Technological start-ups and lean innovation models becoming mainstream

Lean innovation models are inspiring an increasing number of business start-ups to search for market t through successive cycles of product or service development and testing103. The concept of lean start-up favours experimentation over traditional business planning and is driven by customer feedback and intuitive design103,104.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Fintech industry is emerging as a catalyst for new growth

Innovative financial technology ( fintech) is an industry that emerged in the past few years from being an unknown term to an entity that may be shaping Australia’s future and its international competitive advantage108,109.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Inequity rises, while the global economy flattens

Despite the heady pace of technological development, income inequality has been on the rise over the last few decades in Australia as well as in other OECD countries22. A recent OECD113 report on the economic impact of aging, skill- biased technological change, globalisation, and rising environmental pressures suggests that global economic growth could slow from 3.6% in 2010-2020 to 2.4% in 2050-2060. The same report asserted that technological progress will heighten demand for high skilled labour, which over the next few decades, could push average income inequality across the OECD to levels experienced by the US today113.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Deepening digital divide in Australia

Internet penetration and the increasing speed of technological progress add other perspectives to the inequality problem; namely, digital divide and digital inclusiveness.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Climate change is causing more extreme weather events and escalating losses

The world’s top ten hottest years on record have occurred since 1998, and the top five since 2010125. Since pre-industrial times, carbon dioxide concentrations in the atmosphere have increased by 40%; the Arctic sea ice extent shrunk on average between 3.5 and 4.1% per decade in the 1979–2002 period; sea level rose at an average annual rate of 3.2 mm/year from 1993 to 2010, and since 1961 the average annual temperature of oceans has been increasing and the warming effect has reached a depth of at least 3000m.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Increasing pressure on natural resources and biodiversity

Our growing population worldwide and increasing demand for natural resources (such as energy, water and food) have unleashed a series of threats to biodiversity and ecosystem services (food provision, clean water, regulation of climate etc.).

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Demand for higher education is growing, along with the costs

Australia’s highly educated workforce used to be an area of relative strength. However, it is now competing with the rapid rise in global education and computer adoption. The number of students enrolled in higher education in Australia is growing: from more than 984 000 students in 2006 to almost 1 410 000 in 2015.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

The global population is aging

It is expected that by 2050, 22% of the world’s population (about two billion people) will be aged over 65 years.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Lifestyle illnesses on the rise

Globally, the number of obese adults has increased since the year 2000, especially in OECD countries.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)

Millennials are the most digitally savvy generation, but they face tough challenges

While millennials are the most educated across advanced economies, they are also the most underutilised generation.

2017

Surfing the digital tsunami

Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO)