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Here’s the plan to create 1 million tech jobs | ticker VIEWS

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The Tech Council of Australia is calling on Governments to help deliver one million jobs in the sector by 2025

Leaders in Australia’s technology sector including Google, Afterpay, Atlassian, and Tesla have banded together to create Australia’s Tech Council. The aim of the Council is to push for greater Government support and set Australia’s tech industry firmly on the global stage.

They provide a trusted voice for Australia’s technology industry, with an aim to advise and engage with Australian Governments, businesses, and the community. They’re endeavouring to support the ongoing creation, development, and adoption of technology across industries.

The members of the Tech Council have committed to work with Governments at all levels to ensure that Australia and Australians take advantage of the vast opportunities technology brings.

“We have released a roadmap to grow 1 million jobs in the tech industry by 2025”

Kates Jones, Executive Director, Tech Council of Australia

1 million tech jobs by 2025

The Council has launched its new roadmap to create 1 million jobs in the technology sector, by 2025. The Technology Council is working with Governments at all levels to create 1 million jobs, worth $250bn to the economy.

The technology industry is growing at a rapid pace, causing a demand for skill in the industry. The sector is looking for upskilling opportunities, more females and people who have never worked in the sector before.

The tech industry contributes approximately $167 billion to the national economy and employs about 861,000 people. This makes it equivalent to the economy’s third-largest industry, only just behind banking.

This will benchmark Australia against industries in Canada, the United Kingdom and the United States, which it has the untapped potential to do.

Breakthrough for the sector

This move represents a breakthrough for the sector with extraordinary technology entrepreneurs and heavyweights behind the Tech Council of Australia.

Technology has often been seen as a niche part of corporate Australia, with more traditional industries like banking or mining labelled as the pinnacle of financial success. However, that is not the case anymore.

Australia’s economy has historically relied on commodities, but tech is shifting this narrative. The Australian tech industry has struggled to get support, but with top technology entrepreneur putting their names on the line to back the industry, the Government is now listening.

Heavy hitters in the Australian tech sector have come together to create jobs and turn Australia into a global tech hub.

“The tech sector is going to grow,

what we want to see is Aussie’s working in those jobs and being able to keep those jobs here on Aussie shores.”

Kates Jones, Executive Director, Tech Council of Australia

“This is going to be the fastest growing part of our economy,

it’s a $250 billion industry right now and will continue to grow.”

Kates Jones, Executive Director, Tech Council of Australia

 

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

Business

TikTok’s parent company loses $7bn

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TikTok’s Parent company sees losses grow as it tries to outplay Facebook, Instagram and YouTube

TikTok’s parent company, ByteDance, has experienced a loss of more than $7 billion dollars in operating costs, tripling last year’s records.

The company attributes the huge loss to its massive investment in global growth. It detailed the results in a financial report which was provided to internal stakeholders.

In the first quarter of 2022, the company recorded a profit in its operating costs, with the company’s revenue expanding by more than 80% to $61.7 billion in 2021.

But expenses that are focused on expanding its products worldwide continue to swell at a rapid rate.

While TikTok is one of ByteDance’s most successful and well-known products, the company owns a wide range of digital platforms including: Douyin, Toutiao, Vigo Video, Helo, Lark and BytePlus. In total, it attracts hundreds of millions of users in China alone and 1 billion TikTok users worldwide.

The internal report was emailed to all ByteDance’s 130,000 employees. In a note of assurance, company execs “remain confident in the strength of our business and organisation.”

The ability for ByteDance to continue to invest in the company’s growth is clearly a strong advantage the company has over its competitors in the market.

A new report found Australians spent more time on TikTok in the last 12 months than on Facebook, a leader for many years in the space.

With other platforms such as Facebook, Instagram and YouTube scrambling to compete with TikTok, it seems ByteDance must have a long-term expansion strategy in mind.

The company is evidently trying to arrive at a place where such massive losses relating to operating will be a distant memory.

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Business

Australian government will temporarily change telco laws amid Optus data breach

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Australians impacted by the Optus data breach are set to be given greater protection as authorities scramble to protect the personal information that was leaked online

Today, the Australian federal government has announced it will temporarily change the country’s telecommunication laws, paving the way for Optus to share sensitive data.

The move will see the divers licenses, alongside Medicare and passport numbers of impacted customers provided to financial institutions.

Allowing enhanced monitoring for those who were compromised in the cyberattack.

Optus will be working hand-in-hand with banks to monitor fraudulent activity, hopefully avoiding any breaches.

The government says all of the personal information must be immediately destroyed once it is no longer deemed necessary.

When announcing the changes, Communications Minister Michelle Rowland said financial institutions have been proactive throughout this process – but elements of the Optus response have previously been criticised.

The breach affected nearly 10 million customers and former customers, sending the country into a panic.

Australian Treasurer Jim Chalmers says this latest move is designed to help keep impacted residents safe from cyber crime.

This unprecedented move now sits with the Governor General who is required to give final approval.

Australians are told the regulations will remain in place for a period of 12 months.

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Business

Another twist in the Musk and Twitter deal

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The trial between Twitter and Elon Musk is still set to go ahead

The trial between Twitter and Elon Musk is set to go ahead, in a strange series of events. This comes despite Musk’s recent change of heart over the deal to buy the social media platform

Delaware Court judge Kathaleen McCormick says neither party has applied for a “stay” in the action. Now, proceedings are still due to begin on October 17.

This comes a day Musk performed a U-turn, deciding to go ahead with the multi-billion dollar deal to buy the social media giant.

Musk’s lawyer says his client has “reconsidered his position” and is now “committed to completing the transaction.”

The transaction values Twitter at $54.20 per share, bringing the total sale price to around 44 billion.

The trial was scheduled to run over five days with Twitter arguing the Tesla CEO should be required to complete the transaction.

Musk launched a counterclaim, alleging the company suffered a substantial reduction in its value, rendering the deal invalid.

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