CeBIT Hears Of The Economic Potential Of Australia's Startups

Business Insider Australia’s coverage of CeBIT 2014 is presented by the Microsoft Cloud providing flexible enterprise cloud solutions for business.

New South Wales is home to more than half of Australia’s startups and the state’s Deputy Premier is calling on the Federal Government to support the bubbling industry.

Speaking at digital conference CeBit today NSW Deputy Premier Andrew Stoner said about 64 per cent of Australia’s startups were located in the state and had some advice for federal Treasurer Joe Hockey, saying no new taxes should be introduced in the next Federal Budget which would hamper the ability of tech startups to becoming global “trail blazers”.

“Here’s some advice Joe Hockey, no new taxes, back our innovative startups in the digital area,” Stoner said.

He said the development of digital companies in Australia was important for boosting productivity and the national economy over the next few decades.

“An ecosystem based on innovation and new technologies has the potential to raise GDP by $37 billion by 2024,” Stoner said.

“It also shows that a thriving ecosystem can play a significant role in reducing Australia’s annual deficit by around $24 billion in 2034 and creating close to 534,000 jobs in two decades.”

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