Objective 5.1

Services statistics capture the trends, contribution and competitiveness of the sector

Action 5.1B

The Government will explore alternative data sources to better understand Australia’s services exports with the view to developing a robust data asset that provides timely insight into the true value of the services sector.

Australian Bureau of Statistics

Industry
recommendation/s
Description
Government response
Related Action/s
4A

The Australian Government should provide ongoing funding for the Australian Bureau of Statistics (ABS) to undertake regular services exports surveys and produce a national dataset, including earnings of Australian foreign affiliates.

Agreed
4C

The Australian Government should examine how alternative data sources could help to better understand Australia’s services exports, with the view to developing a robust data asset that provides timely insight into the true value of the services sector.

Agreed

Progress to date

The Department of Foreign Affairs and Trade commissioned a report on ‘born global’ exporters – Research into the experiences of Born Global service exporters – to identify the factors that enable success in exporting.

Ernst & Young, Australia, FinTech Australia and Austrade co-funded the EY FinTech Australia Census, published on 20 October 2021. This census provides a snapshot of the performance of the Fintech sector throughout the COVID-19 pandemic. It highlights the sector’s resilience dealing with the challenges from the pandemic, growing industry employment, rising entrepreneurship, strong overall growth in capital raising and an increasing number of start-ups moving to post-profit.