Geospatial Sector Set to Deliver $689 Billion Economic Impact to Australia by 2034, GCA Report Finds
The Geospatial Council of Australia
The Geospatial Council of Australia (GCA) has today launched a landmark report at Parliament House, Canberra, revealing that geospatial technology is projected to deliver a cumulative economic impact of $689 billion to Australia by 2034. The report, titled 'Economic Impact of Geospatial Services in Australia,' underscores the critical role of geospatial data in boosting productivity and driving innovation across a wide range of sectors. Dr. James Johnson, CEO of Geoscience Australia, received the report on behalf of the government.
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The Geospatial Council of Australia has today launched its 'Economic Impact of Geospatial Services in Australia' Report at Parliament House in Canberra. (Graphic: Business Wire)
The report, the first of its kind since 2008, was commissioned by GCA and conducted by a team from ACIL Allen. It estimates that geospatial technology contributed $39 billion to Australia’s economy in the 2023-2024 financial year, with annual economic output projected to reach as much as $90 billion by 2033-2034. Beyond economic growth and lifting productivity, geospatial services are recognised for their contributions to national security, emergency response, and consumer well-being.
Key findings include:
- Current impact (2023-24): $39 billion in GDP and 12,000 full-time jobs.
- Projected future impact (2033-34): $90 billion in GDP, and an additional 32,000 full-time jobs.
The Honourable Kate Lundy, Chair of GCA, commented, “This report illustrates the strategic relevance of geospatial technologies, highlighting the significant financial returns of investing in them, while demonstrating how they are critical for keeping Australia safe, informed, sustainable, and resilient. These technologies are essential for fostering economic growth, creating jobs, and enabling smarter decision-making across industries.”
Tony Wheeler, CEO of GCA, added, “The projected $689 billion cumulative gain by 2034 reinforces the urgent need for improved policy settings to drive investment and uptake in geospatial technology. It presents an exciting opportunity for Australian businesses and innovators to power growth, productivity, and turbocharge most industries across the Australian economy.”
As the report findings are shared with key industry and government leaders, the GCA calls on all sectors to seize the opportunities presented by geospatial data, encouraging collaboration and strategic investment to unlock its full potential for Australia’s future.
The full report, which includes a breakdown of the economic impact by state and industry, can be downloaded here: https://tinyurl.com/bdfrvhhm
A companion report featuring 65 case studies can be accessed here: https://tinyurl.com/mpj5m8u5
For more information, please visit: www.geospatialcouncil.org.au
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029798026/en/
Contact details:
Media Contact:
Cate Bonthuys
National Communications and Marketing Manager
0492504393
comms@geospatialcouncil.org.au
