Industries akin to manufacturing, logistics and agriculture might enhance their “value-to-weight” ratio within the manufacturing course of due to light-weight digital applied sciences changing heavy tools.

“And when you concentrate on providers – together with digitally enabled ones – they’re weightless, so the ratio approaches infinity,” he stated, within the speech delivered final Friday to the Australia Israel Chamber of Commerce.

“And that accounts for increasingly of the worth being exchanged within the trendy financial system.

“Therefore the likelihood that continued development – even speedy development – can depart a a lot lighter footprint on the planet.”

The decision comes within the midst of a international recalibration of motion to deal with local weather change, following the election of US President Joe Biden and economies akin to Japan and South Korea committing to web zero carbon emissions by 2050.

Furthermore, the pandemic had accelerated the adoption of know-how.

Mr Brennan urged enterprise and governments to completely lock in additional productive work practices discovered through the pandemic akin to social distancing, on-line medical appointments and dealing from residence.

COVID-19 innovation features

“Based mostly on the particular duties that type a part of totally different occupations, we estimate that round 40 per cent of jobs might be executed remotely,” he stated.

“However previous to 2020, census information means that solely about 5 per cent of staff really labored from residence.”

Measured financial output might fall if extra individuals do business from home, however there might be “very important” enhancements in social wellbeing by means of time financial savings on commuting and elevated household and leisure time, he stated.

“This isn’t to say that distant working is for everybody,” he stated.

“Staff might want to work out the correct trade-off between decreasing commuting time, the pliability of working from residence and the lack of social interplay within the office.”

Corporations will want to consider the productiveness affect, the potential lack of creativity and tradition if individuals are aside; the potential financial savings on workplace area versus the necessity for different investments in know-how and the abilities required to handle work remotely.

“However the probability of going again to pre-existing ranges of distant working is, effectively, distant,” Mr Brennan stated.

Regtech revolution

Governments might contribute to the technology-enabled productiveness enhancements by extra successfully analysing information to manage companies.

Expertise and information analytics might permit regulators to take a extra risk-based method, such because the Australian Taxation Workplace and the Australian Transaction Experiences and Evaluation Centre do to detect monetary crime and fraud.

“In lots of circumstances, know-how can enhance the monitoring of exercise, in ways in which assist each the regulator and the regulated entity,” he stated.

“The EPA [Environment Protection Authority] in Victoria has made use of drones to trace unlawful dumping.

“The Murray Darling Basin Authority has trialled satellite tv for pc imagery to measure and observe water sources and their use.”

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