According to a report recently launched by Asialink in conjunction with PWC and ANZ Bank, the services sector is on track to become Australia’s number one exporter to Asia by 2030, and will support more jobs than all other exports combined.
The report identified that services exports to Asia are underperforming relative to our traditional trading partners and presents a six point plan of action to ensure that Australia’s services sector is properly positioned to capture this future growth. The plan calls for an open and competitive Australian marketplace, dialogue between business and Government, continued liberalisation and expansion of trade and investment, and more robust evaluation of the level of services trade. Importantly the plan calls for the continuous development of an Asia capable and internationally oriented workforce, an area that Ambidji is actively supporting through Asialink.
In releasing the report, Asialink identified Ambidji and Ashurst Lawyers as examples of firms already at the front line of services export business. Reporting on the launch, the Australian Financial Review’s Greg Earl suggests that readers “forget about FIFOs and driverless mining trucks, [Ashurst’s] Natsuko Ogawa and [Ambidji’s] David Miles are the new faces of an export bonanza that should carry Australia out of the slump in national income after the end of the commodities boom”. For the web version of the AFR article click on http://www.afr.com/news/world/asia/services-exports-can-save-australia-from-the-commodities-bust-20150417-1mmjsx . It is also worth studying the full report on services export – go to Asialink on https://asialinkbusiness.com.au/research-resources/report-australias-jobs-future .