Renowned Australian Economist Warren Hogan did a great job at informing the 200+ strong audience with his take on where we are going from a global, national and from a state perspective. Some of the highlights were.
People Power – Hogan talks about how our population is growing, but we’ll continue to find it hard to find good skills, especially as a good % of our population ages beyond working age . So, finding ways to save on labor with technology is a big deal for future sustainability and success.
Tech Takeover – AI is about to shake up our service industries, its being considered as the forth industrial revolution. Think about all the jobs that could change or disappear. It’s a big deal.
Political Shake-up – Politics are getting messy, and traditional major parties are losing their grip with the rise of independents and smaller parties all growing in influence.
Climate Crunch – Clean energy is coming, and climate change will cost us, especially in terms of insurance. Industries are going to have to transform to stay relevant.
Land Matters – Australia has a lot of land but not a lot of people. Growth in population can be a good thing for our economy, but sound planning for immigration, housing, and infrastructure is crucial.
Global Shift – Many countries aren’t aligned with , China Russia or America, including India. This means new challenges and opportunities.
Economic Outlook – Australia’s economy is strong, but the post-pandemic boom is over. China’s economy is slowing down, and we might see lower inflation but also possibly higher interest rates.
Business Buzz – Big businesses can adjust prices, but small ones are struggling. Expect more small businesses to close due to cost pressures unless we can get this delicate balance right.
Hogan’s insights are thought-provoking, and they’re sure to spark conversations, we found the ideas presented very interesting and useful in ensuring that our strategy is aware of bigger threats
