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SEVEN MEGATRENDS THAT WILL SHAPE THE NEXT 20 YEARS

Published

2 years ago

5 August 2022

JeffG

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SEVEN MEGATRENDS THAT WILL SHAPE THE NEXT 20 YEARS

A once-in-a-decade report from CSIRO, Australia’s national science agency, identifies seven global megatrends that hold the key to the challenges and opportunities ahead.
With an outlook to 2042, Our Future World revisits CSIRO’s ground-breaking 2012 report of the same name, exploring the geopolitical, economic, social, technological and environmental forces unfolding around the world, predicting their likely impact on Australia’s people, businesses and governments.
The seven global megatrends are: Adapting to climate change; Leaner, cleaner and greener; The escalating health imperative; Geopolitical shifts; Diving into digital; Increasingly autonomous and Unlocking the human dimension.
CSIRO Chief Executive Dr Larry Marshall said megatrends help us to understand the challenges and massive opportunities that will shape our future.
“Australia is at a pivotal point. There is a tidal wave of disruption on the way, and it’s critical we take steps now to get ahead of it,” Dr Marshall said.
“From resource scarcity to drug resistant superbugs, disrupted global trade, and an increasingly unstable climate threatening our health and way of life – these are just some of the challenges we face.
“But these challenges also tell us where the most powerful innovation can be found, when we see a different future and leverage science to create it.
“Australia has the highest wind and solar capacity of any developed nation and a wealth of critical energy minerals – we can be a leader in feeding the world’s hunger for clean energy.
“The next wave of digital innovation will generate $10–15 trillion globally.
Australia can tap into this to transform existing jobs and create new jobs and wealth while leveraging Artificial Intelligence to solve some of our greatest challenges, like outthinking bushfires, accelerating vaccine development, predicting drought, or stabilising our energy grid.
“We have the opportunity now to use science to invent the kind of world we want to live in – but we have to act, and we have to do it together.
“Trust in science led Australia’s response to COVID-19, and science can help us lead a Team Australia response to the challenges ahead,” he said.
Our Future World report co-lead author Dr Stefan Hajkowicz said: “We analysed thousands of data points collected over decades.
“Some of the trends we identified have been widely discussed, while others are newer and directly related to our experiences during the pandemic.
“We are, for example, just beginning to understand the potential long-term impacts of the pandemic on mental health and chronic illness.
“We anticipate that while the pandemic sped up digital transformation, the real explosion in our capability is yet to come. In this environment, digital skills will become more valuable, but rather than replacing human intelligence, technologies like AI will assist us in doing our work better.”

Our Future World co-lead author Dr Claire Naughtin said: “Trust emerged as a central theme – trust in institutions, technology, supply chains and security will all be key issues over the coming two decades.
“Currently just under 70% of Australians do not trust AI systems but would be more willing to use these systems if appropriate ethical measures were in place.
“This latest update on the global megatrends gives us line of sight as to what has changed over the past decade and a view to the coming decades.
“Like aircraft engineers would use wind tunnels to test the robustness of new aircrafts, we can use these megatrends to develop, test and refine future strategies to ensure they are robust, whatever the future holds.”

Snapshot of the megatrends:

Adapting to climate change: with natural disasters expected to cost the Australian economy almost three times more in 2050 than in 2017, we can expect to be living in a more volatile climate, characterised by unprecedented weather events
Leaner, cleaner and greener: an increased focus on potential solutions to our resource constraints through synthetic biology, alternative proteins, advanced recycling and the net-zero energy transition. By 2025, renewables are expected to surpass coal as the primary energy source.
The escalating health imperative: the post-pandemic world has exacerbated existing health challenges posed by an ageing population and growing burden of chronic disease. One in five Australians report high or very high levels of psychological distress and there is heightened risk of infectious diseases and pathogens resistant to modern antibiotics. There is now a burning platform to also respond to our health risks and improve health outcomes.
Geopolitical shifts: an uncertain future, characterised by disrupted patterns of global trade, geopolitical tensions and growing investment in defence. While the global economy shrunk by 3.2% in 2020, global military spend reached an all-time high of $2.9 trillion and Australia saw a 13% increase in cybercrime reported relative to the previous year.
Diving into digital: the pandemic-fuelled a boom in digitisation, with teleworking, telehealth, online shopping and digital currencies becoming mainstream. Forty percent of Australians now work remotely on a regular basis and the future demand for digital workers expected to increase by 79% from 2020 to 2025.
Increasing autonomous: there has been an explosion in artificial intelligence (AI) discoveries and applications across practically all industry sectors over the past several years. Within the science domain the use of AI is rising with the number of peer-reviewed AI publications increasing nearly 12 times from 2000 to 2019.
Unlocking the human dimension: a strong consumer and citizen push for decision makers to consider trust, transparency, fairness and environmental and social governance. While Australia saw a record level increase in public trust in institutions during the pandemic, this ‘trust bubble’ has since burst, with societal trust in business dropping by 7.9% and trust in government declining by 14.8% from 2020-21.

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Workforce barriers tripping up young Australians and how to overcome them

Published

2 days ago

25 July 2024

Liam

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Workforce barriers tripping up young Australians and how to overcome them

Only half of young people feel confident in achieving their current or future career aspirations due to workforce barriers, new research has found.

This, coupled with a youth unemployment rate of 9.7% as of May 2024², underscores the critical need for targeted support and resources to equip young individuals with the foundational skills essential for navigating today’s complex job market.

For young people, particularly those from marginalised groups like Indigenous youth and women, there are additional barriers that exacerbate the challenge in securing employment and advancing careers including things like systemic inequities, limited access to quality education and training as well as pervasive social biases.

For example, recent studies have shown that 37% of women working in predominantly male environments report experiencing gender-based competence challenges³.

Employment services provider atWork Australia is addressing these challenges head-on by spotlighting the empowerment of young talent in preparation for World Youth Skills Day on 15 July, providing comprehensive support to young individuals, ensuring they have the necessary skills and assistance to confidently enter the workforce.

Over the last year, atWork Australia has supported over 7,300 young people (aged 25 years or younger) on their individual employment journey across metropolitan and regional Australia. Trends show that hospitality, warehousing and retail are the most appealing industries for young people to seek out. atWork Australia celebrates and applauds youth transition to all industries as each individual embarks on their employment and career journey.

One inspiring example is atWork Australia client, 18-year-old Yasmine, a determined Indigenous young woman from Mount Druitt, New South Wales. Through atWork Australia’s guidance, Yasmine defied odds and successfully entered the traditionally male-dominated mechanical industry.

Yasmine’s journey, starting from when she left school in Year 10, it reflects her resilience in overcoming significant challenges. Initial barriers included securing additional work hours and attending appointments due to financial constraints. Yasmine found crucial support from atWork Australia for emotional, mental and educational barriers as well as practical needs like food vouchers and travel costs⁴.

“atWork Australia has been a tremendous support for me,” Yasmine shared. “They kept me informed about job opportunities and reached out to discuss potential roles. It was empowering to be able to communicate my interests and preferences directly to them.”

Navigating her way through interviews and her initial week on the job, Yasmine benefitted from the guidance of atWork Australia’s Indigenous Connections team, who provided essential mentorship and support.

Despite encountering scepticism and doubts as a woman in a male-dominated field, Yasmine persevered, impressing her colleagues with her skills and determination.

“At 18, there were moments of self-doubt, especially being an 18-year-old female in this industry, but with atWork Australia’s unwavering support, I gained confidence and pushed through,” Yasmine reflected.

atWork Australia will continue to assist Yasmine until she feels fully settled in her new role and is committed to supporting her journey towards achieving her long-term goal of saving for a house deposit.

Yasmine’s story exemplifies the transformative impact of tailored support and mentorship in empowering young individuals to thrive in challenging environments.

atWork Australia is dedicated to providing comprehensive support to young individuals, ensuring they have the necessary skills and assistance to confidently enter the workforce.

To find out more about atWork Australia’s support services, please visit: www.atworkaustralia.com.au. Additionally, you can listen to any of the podcasts from the ‘Candid Conversations with Shaun Pianta’ podcast series here where atWork Australia Brand Ambassador and Paralympian, Shaun Pianta, speaks about his employment journey, following a life-changing holiday.

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Business News

Scrap Metal Company and Directors Fined for Mass Limit Breaches

Published

2 days ago

25 July 2024

Liam

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Scrap Metal Company and Directors Fined for Mass Limit Breaches

A Melbourne-based scrap metal company and its three directors have been fined for failing to manage legal mass limits after an investigation uncovered 69 mass limit breaches over two years.

The National Heavy Vehicle Regulator (NHVR) Safety and Compliance Officers intercepted one of the company’s heavy vehicles in April 2021, discovering it was loaded at 120.42% of the prescribed mass limit.

Subsequent investigations revealed 69 mass limit breaches, including 24 severe risk breaches, defined as loads at 120% or more of the mass limit. The company pleaded guilty to a Category 1 offence under the Heavy Vehicle National Law (HVNL) and was fined $180,000.

The three directors also pleaded guilty to failing to exercise due diligence and ensure transport safety, receiving fines of $8,500, $7,000, and $7,000, respectively.

NHVR Acting Director of Prosecutions Elim Chan emphasised the dangers of overloaded heavy vehicles. “Heavy vehicles loaded beyond their prescribed mass limits pose serious public safety risks by compromising stability, steering, performance, and braking capability,” Ms. Chan said.

She stressed the importance of proper systems and training to ensure compliance with the HVNL and protect both drivers and the public.

The NHVR offers online tools and guides to assist with loading requirements. For resources, visit NHVR Loading Guides View the resources.

For more information on NHVR prosecutions, visit NHVR Prosecutions.

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Business News

In June Australian unemployment dropped to 8.3%; lowest unemployment since September 2022

Published

2 days ago

25 July 2024

Liam

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In June Australian unemployment dropped to 8.3%; lowest unemployment since September 2022

In June 2024, Australian ‘real’ unemployment dropped 62,000 to 1,307,000 (down 0.4% to 8.3% of the workforce). This is the lowest rate of unemployment for nearly two years since September 2022 although overall employment is virtually unchanged above 14.3 million.

Although unemployment decreased in June as people left the workforce, under-employment increased by a similar amount in the month, up 65,000 to 1,403,000. Taken together overall unemployment and under-employment in June is virtually unchanged at 2.7 million (17.3% of the workforce).

The June Roy Morgan Unemployment estimates were obtained by surveying an Australia-wide cross section of people aged 14+. A person is classified as unemployed if they are looking for work, no matter when. The ‘real’ unemployment rate is presented as a percentage of the workforce (employed & unemployed).

Overall employment reaches virtually unchanged in June near record high above 14.3 million:

Australian employment was virtually unchanged at 14,307,000 (down 3,000) in June. There was a shift to more part-time employment though with 4,941,000 (up 72,000) now employed part-time while full-time employment was down 75,000 to 9,366,000. Increasing part-time employment is often associated with a rise in under-employment – which increased by 65,000 in June.

Unemployment decreased for a second straight month in June to its lowest for over a year:

In June 1,307,000 Australians were unemployed (8.3% of the workforce, down 0.4%), a decrease of 62,000 from May and the lowest level of unemployment for over a year since May 2023 (1,258,000). It is also the lowest rate of unemployment for nearly two years since September 2022 (8.1%).

The fall in unemployment was driven by fewer people looking for full-time work, down 131,000 to 469,000 while there was an increase in those looking for part-time work, up 69,000 to 834,000.

Overall unemployment and under-employment was virtually unchanged at 17.3% in June:

In addition to the unemployed, a further 1.4 million Australians (9% of the workforce) were under-employed, i.e. working part-time but looking for more work, up 65,000 from May. In total 2.7 million Australians (17.3% of the workforce) were either unemployed or under-employed in June.

Comparisons with a year ago show rapidly increasing workforce is driving employment growth:

The workforce in June was 15,610,000 (down 65,000 from May, but up 404,000 from a year ago) – comprised of a near record high 14,307,000 employed Australians (virtually unchanged from a month ago but up a massive 673,000 from a year ago) and 1,303,000 unemployed Australians looking for work (down 62,000 from a month ago and down 269,000 from a year ago).

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