Philip Lowe, Governor of the Reserve Bank of Australia, gave a speech at the Melbourne Business Analytics conference last month. In it, he reinforced the fact that investment in data and Australia’s digital capability is critical to the future of the country’s economy.
“Data is the new oil of the 21st century. Investing in data and our digital capability is critical to our future prosperity. These investments allow better decision making and a faster response to the changes in our economy and society,” Lowe said.
He also spoke about the opportunities for digital innovation in every sector of our economy and that organisations need strong digital capability to perform well, to innovate and lift their productivity.
“Technology and data analysis also hold the keys to solving many of the great challenges of our times, including controlling the pandemic, dealing with climate change and responding to increasing cyber threats,” Lowe stated.
He pointed out that the RBA is doing what it can to support the recovery from the pandemic and that support goals have been achieved for full employment and inflation and that a strong economy will make for a more conducive environment for investments in data and technology.
With Queensland’s first direct international data and telecommunications connection to global markets now in service, here on the Sunshine Coast, the Japan Guam Australia (JGA) cable provides the fastest international connection point from Queensland and east Australia to Asia. This will help stimulate local business, generate new investment and improve telecommunications diversity to Australia’s east coast.
The cable will help to future proof the Sunshine Coast telecommunications capacity and increase our smart city capability, ensuring access to important data networks.
The cable landing station houses the connection point for the international submarine cable with landside communication networks. This vital piece of infrastructure has the capacity to cater for four submarine cables and house 24 data cabinets.
The Sunshine Coast cable project is forecast to deliver up to 864 new jobs and stimulate $927 million in new investment in Queensland. Ultimately, the cable means more jobs and more business in our local economy – at a time when it’s needed most.
The cable will put the Sunshine Coast on the international business map as a leading investment destination for commerce and industry.
We expect to attract the attention of the world’s biggest data users and those looking for a location with superior telecommunications and data infrastructure.
Watch video: New International Broadband Network on the Sunshine Coast