Why are we creating the KEi?
We want to create a knowledge infrastructure - shared with all - which will be the foundation for Australia’s future well-being.
Australia is one of the wealthiest countries on the planet. Our people enjoy education, health and income levels that are the envy of the world. In the past this wealth has been driven by our natural resources. But our economy is now in transition. The resource boom which has driven our economy for the past decade is slowing and productivity growth has stagnated for over a decade.
At the same time there is a digital revolution where the Internet of Things (IoT) is the new frontier. Gartner, Inc. forecasts that 4.9 billion connected things will be in use in 2015, up 30 percent from 2014, and will reach 25 billion by 2020 creating $263 billion in service spending. If we can combine our technology capability with our strengths in key sectors, we can improve our competitiveness and create new high-skilled jobs and exports.
Australia’s transition to a knowledge economy is held back by fragmented and duplicated effort. In 2014 government spent more than $9 billion on research and industry spent a further $11 billion. Imagine if all those researchers and businesses did not have to collect new data every time they had a new question, that data services were easy to use and that entrepreneurs could build businesses on a shared platform.
Sirca has done this for global financial markets. We now want to bring that capability to the whole Australian economy. That is why we are creating the KEi. We want to build Australia’s knowledge infrastructure of the future so we can all have a better future.