Singapore Program 2015
Economic Futures
Mr Moore
Agenda
•
•
•
•
•
Introduction
Australia & Singapore’s Economic Pasts
Trends & Challenges
Australia & Singapore’s Economic Futures
Q&A
How can we secure our economic futures?
•
•
•
•
so far so good
high expectations
highly competitive global economy
future population(s) growth, but:
– jobs?
– industries?
Singapore’s economic past
• small footprint, limited natural resources
• a highly developed trade-oriented market
economy:
– the most open and least corrupt in the world
– the third highest per-capita GDP in the world
• revenue sources:
– exports (electronics, chemicals and services)
– the regional hub for wealth management
• the Port of Singapore is the second-busiest in the
world by cargo tonnage.
(Wikipedia)
Australia’s economic past – “the lucky country”
• the Australian economy is
dominated by its service sector
(tourism, education,
financial services),
comprising 68% of GDP
– Sustainability?
• the total mining sector is 19% of GDP
• 20 years of economic growth!
• Australians boast the highest median individual
wealth in the world
(Wikipedia)
Trends & challenges
• Manufacturing closures
• Continued off-shoring
• Population growth, city growth (but how will
newcomers cope? jobs?)
• We’re living longer (refer 2014 Ageing project,
2015 Intergenerational Report)
Singapore’s industries & jobs of the future
• Singapore Economic Development Board
(www.edb.gov.sg)
• Singapore has taken measures to promote
innovation, encourage entrepreneurship, re-train
her workforce, and even attract foreign talents
(Wikipedia)
• Unfair competitive advantages (UCAs), SWOT
analysis?
• Singapore-based Multinational Corporations
(MNCs)
• What can Singapore learn from Australia?
• Your ideas?
Australia’s industries & jobs of the future
• Government:
(australia.gov.au, ABS, Dept
Industry)
– Sustainable budgets
• Reduced R&D spending … but a medical research fund
– Conducive business conditions (market economy)
– Growth industries
• Economic growth - mining & agricultural sectors,
mainly exported to East Asian markets
(Wikipedia)
• Employability – education, attributes & skills
(mccrindle.com.au)
• Unfair competitive advantages (UCAs), SWOT
analysis?
• What can Australia learn from Singapore?
• Your ideas?
Summary
•
•
•
•
•
Introduction
Australia & Singapore’s Economic Pasts
Trends & Challenges
Australia & Singapore’s Economic Futures
Q&A
Singapore Program 2015
How can we secure our economic futures?
Mr Moore