Economic Futures Mr Moore 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)

IBISWorld predictions (Australia) Industry (gains) Employment Growth (%) 2009-10 2010-11 2012-13 2013-14 Organic Farming 3.1 2.0 6.2 11.2 Investment Banking & Securities Brokerage 3.0 5.0 7.0 10.0 Mining: Nickel Ore / Iron Ore -19.6 / 2.9 2.0 / 4.9 1.5 / 6 9.6 / 7.7 Online Information Services 3.6 7.1 Child Care Services 0.2 4.3 5.1 6.1 Veterinary Services 1.5 4.0 Financial Planning & Investment Advice -2.4 -1.8 4.2 4.1 Accounting Services -1.6 2.9 General Hospitals 3.5 Biotechnology 1.8 1.6 3.2 Industry (losses) Employment Growth (%) 2012-13 2013-14 Image Processing and Printing Services -8.1 -7.1 Internet Service Providers -1.4 -4.5 Computer and Related Equipment Manufacturing -3.8 -4.0 Motor Vehicle Manufacturing -0.3 Recorded Media Manufacturing and Publishing -4.2 -3.0 Satellite, Television and Radio Relay Operations -2.9 -2.8 Tobacco Product Wholesaling -2.7 Food Processing Machinery Manufacturing -2.5 Leathergoods Retailing -1.6% -2.5% Automotive Parts and Accessories Manufacturing -1.4% -2.4% Wired Telecommunications Carriers -2.3%

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, products [/services] 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

How can we secure our economic futures? Mr Moore Singapore Program 2015 How can we secure our economic futures? Mr Moore