Our current economic landscape is shaped by several significant forces: the rise of digital technologies, the net zero transformation, and the growing demand for sophisticated tech skills. With Australia’s tech sector expanding rapidly, the demand for skilled professionals in areas like cybersecurity, cloud computing, and AI is soaring. IBM has recently calculated that the usefulness of technical skills diminishes in less than 2.5 years. Consequently, continual learning through regular upskilling and reskilling will need to become a standard practice for the Australian workforce.[1] 

The Tech Revolution:

With critical technologies such as AI, robotics, and advanced data analytics reshaping the workforce, acquiring new skills is essential for prosperity and security [2].  Forbes highlights that skills in data storytelling, cybersecurity, UX design, digital marketing, and AI augmentation will be particularly in demand, emphasizing the importance of human skills in complementing technological capabilities. 

Investment in Emerging Tech:

By 2030, Australia anticipates a $261 billion investment in technology, with AI spending increasing sevenfold [2]. This massive investment underscores the growing importance of tech skills. 

Workforce Impact:

An astounding 95% of Australian employees will be affected by these emerging technologies, necessitating significant reskilling [2]. 

New Skills on the Horizon:

Around 1.8 million new tech skills, including critical thinking, governance processes, and practical applications, will be required by 2030, an increase of 1.3 million from today’s levels [3]. 

Preference for Reskilling Over Hiring:

A significant majority of employers, 73%, prefer their current employees to upskill rather than hiring new ones when budget constraints are not a concern [4]