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Economic Complexity in the Real World - Developing Local Opportunities to Add Value in Northern Australia

Tracks
Studio
Tuesday, August 27, 2024
12:15 PM - 12:35 PM

Overview

Jason Mcfarlane & Mr Giles Tuffin, Hatch


Speaker

Agenda Item Image
Mr Jason Mcfarlane
Economics Director Australia Asia Region
Hatch

Economic complexity in the real world - developing local opportunities to add value in Northern Australia

Abstract

Economic complexity is the unique 'knowhow' that is embodied in an economy. It is an indicator of the ability of an economy to realise value out of its resources, and to innovate and realise new opportunities. 

This presentation will explore how an economic complexity approach is needed to leverage Northern Australia's unique context and knowhow to realise untapped value.

Ranked by Harvard University's Economic Complexity Index as performing 93rd out 133 countries, Australia's export basket, while diverse, lacks depth and sophistication.  'Low value' commodities are exported offshore, to be imported as 'high value goods'.  This has significant implications to the nation's ongoing competitiveness and resilience in a rapidly changing global landscape. Regional Australia faces an even steeper uphill battle. Its economic complexity metrics lag behind the national average, exacerbating disparities in prosperity and opportunity.

The vast expanse of Northern Australia harbors untapped potential. Its distinctive context—abundant natural resources, indigenous knowledge, diverse communities, and geographic advantages—presents opportunities waiting to be harnessed.

In this presentation, Jason and Giles will compellingly advocate for the development of economic complexity in Northern Australia. Through thought-provoking case studies, they will unveil a framework for realising impactful change.

Biography

Jason McFarlane (MBA, Bsc) is a highly experienced economic development professional with a strong focus on the investments, relationships, structures and systems required for sustained socioeconomic impact. Jason is Economics Director of Hatch Australia Asia Region, Chair of Economic Development Australia, and sits on the Foundation for Regional Renewal and Recovery’s Western Australian Advisory Board. Giles Tuffin (BEcons, BA) is a generalist who has worked across a wide variety of fields and occupations. In particular, Giles is passionate about economics and its ability to help improve people's lives on a global scale.
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