The I.T. Boom Has Begun

The latest batch of research from the team at Deloitte Access Economics has put the value of Australia’s digital economy at a humongous $79 billion, or 5.1 per cent of GDP this year (which is a lot of GDP).

That’s a monster amount of money for IT to be kicking into the economy, and Google Australia managing director Maile Carnegie, who commissioned the research, summed up the implications nicely.

“It is absolutely the thoroughbred that as a country we should be jumping on and riding as hard as we can.”

Education and regulation are obviously the key areas we need to get right to ride the horse.

If we can continue our current trajectory, it’s estimated that the digital economy will hit $139 billion, or 7.3 per cent of GDP, by 2020.

To clarify the definition for those devoid of economic nerd-iness, the $79 billion is a measure is of growth generated by internet related activities and also includes the consumer and welfare gains generated by technology.

So it’s a bit of a tricky figure to calculate, but the Access Economics team is one of the private sector’s top-flight outfits, so we’re willing to take their word on this one.

Digging into another bit of research from the IT Contract and Recruitment Association shows people working in the sector are absolutely raking in the benefits of this boom already, especially in Victoria.

IT wages in Australia

According to the Association’s latest research, Victorian IT contractors were getting paid an average $163 per hour last quarter. Based on 40 hour weeks in a 46 working week year, that’s a pre-tax salary of about $300k.

Boom, alright.

And it’s not too shabby for full timers either, who get $73 an hour in the AFL capital.

Around the grounds, contractors are on $124 an hour in NSW, $121 in WA, $103 in the ACT, $82 in Queensland, and $62 in SA. So some pretty healthy earnings across the board, and something to chew on if you’re weighing up a career change.

Image: Martin Deutsch, via Flickr