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Internet worth $50 billion to Australian economy in 2010

Internet worth $50 billion to Australian economy in 2010

Google commissioned report pegs direct contribution to GDP at $50 billion

A report by Deloitte Access Economics pegs the direct contribution of the internet to Australia's economy at $50 billion in 2010 — 3.5 per cent of Australia's GDP and just $3 billion short of retail and education/training.

According to Deloitte Access Economics, which prepared The Connected Continent report for Google, this is set to increase by some $20 billion over the next half decade — a growth rate of 7 per cent, which twice as fast as other sectors of the economy.

The Connected Continent argues that the "total economic benefit from the internet, including the wider benefits that are not captured in GDP, is estimated to be worth the equivalent of $80 billion."

Indirect benefits from the internet included in this calculation include the effect it has on households, businesses and government. Productivity gains for businesses and government account for around $27 billion of this figure.

The report can be accessed at Connectedcontinent.com.au.

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