ASX Tech Stocks: Tech Council is aiming for 1.2m Aussies in tech jobs by 2030
Link copied to
The Tech Council of Australia (TCA) has released its Digital Employment Forum report and a handy roadmap to meet the goal of 1.2 million folks in tech jobs by 2030.
There are currently 861,000 people employed in tech jobs across Australia so we better get cracking because we’ll need to employ another 653,000 tech workers to meet this goal by the end of the decade.
(FYI that figure includes people entering the tech workforce to fill newly created roles as well as people replacing an estimated 314,000 workers forecast to retire or exit during that period.)
“These jobs are critical to Australia’s future,” CEO Kate Pounder said.
“They are amongst the fastest-growing, best-paid, most secure, and most flexible jobs in Australia.
“They have half the gender pay gap of other high-paying industries.”
Pounder also said the jobs are critical to every major industry in the Australian economy – from sectors including retail, banking, mining, government, professional services, software and telecommunications.
She’s not exaggerating either, 1 in 16 working Australians now work in tech jobs and we actually have more software engineers and developers in Australia than solicitors, plumbers, or hairdressers.
“We believe Australia has a once in a generation opportunity to be a global technology powerhouse, leading in critical fields like Quantum and Fintech as well as increasing our lead in B2B software as a service,” she said.
The report highlighted that there are significant shortages, particularly for technical and experienced tech roles, with vacancy rates in tech 60% higher than the national average and forecast to grow at triple the rate.
The most severe shortages are in technical occupations like software programmers and computer network professionals but there are also big gaps in commercial and creative roles like product managers.
But luckily the report also flagged a few ways we can bolster Aussies’ access to tech jobs, including:
Explosives and mining tech player Orica has picked up digital orebody intelligence business Axis Mining Technology for $260 million and a deferred earn-out payment up to a maximum of $90 million.
“Orica’s purpose is to sustainably mobilise the Earth’s resources and achieving this starts with a better understanding of the orebody at the start of the mining value chain,” MD and CEO Sanjeev Gandhi said.
“I believe that Axis’ differentiated geospatial tools and instruments, combined with our existing suite of digital solutions will provide compelling orebody intelligence to customers and support the delivery of the industry’s first end-to-end solutions platform, from mine to mill.
“The integration of Axis’ technology and expertise will accelerate our ability to support our customer’s digital transformation efforts around the world, helping them to operate more efficiently, sustainably and safely.”
The acquisition will be funded by a fully underwritten $650m share purchase plan which Gandhi says will also “allow Orica to fund incremental trade working capital requirements arising as a result of global supply chain dislocations, and also provide additional balance sheet capacity.”
Africa’s largest telco Mobile Telephone Networks (MTN) is investing $210,000 with Emerge’s Game Studio, which is slated to deliver 3 MTN branded games for use on MTN Arena 5G – the companies’ game streaming service which is scheduled to launch in Q4.
“This investment by MTN into Emerge’s Game Studio and the previously reported investment into the marketing and promotion for the benefit of the Emerge operated MTN Arena and MTN Arena 5G services is testament to MTN’s confidence in the potential of Emerge’s content service offerings,” the company says.
Under the agreement, Emerge will initiate development for enhanced in-platform esports tournaments, three premium MTN branded games, as well as the development of 5G game streaming capabilities to be delivered before 31 December 2022.