Advanced manufacturing and food and agriculture have been identified as two of six areas where science and technology could be used to help restore economic growth and resilience in the recovery from Covid-19.
A new report from Australia’s national science agency, CSIRO, has revealed the opportunities for key industries to leverage science and technology and help restore economic growth and resilience.
The Covid-19: Recovery and resilience report highlights the trends and national advantages Covid-19 has created. It outlines how six Australian industries can capitalise on them over the next six to 24 months and beyond.
CSIRO chief executive Larry Marshall said science and technology create economic growth and opportunity for all Australians.
“At this pivotal time in our history, the inclination is to batten down the hatches and postpone investments, when actually we need to double down on Australian innovation, because science and technology can drive our recovery from this pandemic-led recession and land us back in a much stronger position,” he said.
“Covid-19 has disrupted every element of our lives, and while the devastating loss of life can’t be understated, we have an opportunity to determine the new kind of Australia we want to emerge from this crisis. Just as science and technology have been guiding our health and emergency response, so too will they drive our economic response and recovery from this pandemic.”
The report highlights job creation and investment opportunities for the following sectors:
- agriculture and food;
- energy;
- health;
- mineral resources;
- manufacturing; and
- digital.
CSIRO futures lead economist Katherine Wynn said by acting now, Australian industries could increase productivity and cost efficiencies as well as create additional revenue from products, services and markets over the next few years.
“The manufacturing sector could maximise its local manufacturing capabilities, creating jobs and adding value to Australia’s growth sectors, particularly in pharmaceuticals, food and beverage manufacturing, mineral resource processing as well as in space and defence,” Wynn said.
The report says the Australian manufacturing sector has several advantages, including that it produces trusted, premium goods and services made with quality and standards. It also has untapped education and research skills, and the indusry includes nimble and flexible small and medium-sized enterprises.
Also, the report looks at the trends facing the Australian manufacturing industry. It says agile and bespoke solutions are reacting to local supply needs. Also, demand for local and sustainable manufacturing is increasing, and data capture and analytics are maximising efficiencies.
Wynn said energy-efficient technologies is one immediate way to reduce energy costs, emissions, and demand on the grid while creating local jobs.
"We see many opportunities for increased productivity, such as energy efficient appliances in buildings and electric vehicles in transport that use mature technologies that are readily adoptable today," she said.
The health sector has always been essential to the economy, and its importance has been further emphasised during the pandemic, Wynn said.
“Over the next 6-24 months, the sector has opportunities for quality of care improvements and cost savings through sector-wide digital health integration," she said.
“We also see potential for more efficient healthcare delivery through point-of-care diagnostics supported by bioinformatics and high-performance computing.
Longer term opportunities are also identified as Australia starts to take steps towards building a resilient and future-proof economy from 2022 and beyond.
For example, Australia has huge opportunities to meet growing global energy demand and influence how this demand is met, including through low emission energy sources and creating the world’s first clean hydrogen energy export industry.
The report consolidates key findings from CSIRO’s industry roadmaps and the Australian National Outlook to provide a timely update on a path towards a brighter future for Australia.
The full report can be downloaded here.
