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Indo-Pacific focus
Strengthening our knowledge economy is the key to recovery .
By Andrew Groth and Peter Varghese
Australia ’ s future growth and
prosperity will be driven by our ability to generate and attract the ‘ best and brightest ’.” This statement from the India Economic Strategy to 2035 report holds even greater weight now as we look to stimulate our economy post COVID-19 .
Investing in talent goes hand-in-hand with recovery – both upskilling Australian talent as well as nurturing international students , who contribute around $ 40 billion annually to our economy .
Our universities have faced significant shortfalls in funding due to the current border closures , and there are serious implications to our economy if a significant number of international students are unable to study in Australia . Projections from the Mitchell Institute show a potential loss of between $ 30 billion and $ 60 billion within the next three years .
That is why it is vital we band together across private , public and academic sectors to maintain this crucial export industry and our position as a top supplier of international education .
BOLSTERING OUR KNOWLEDGE ECONOMY
Key to this is strengthening relationships with our Indo-Pacific neighbours with whom we have built successful strategic partnerships . Take India for example , which holds many growth opportunities for Australia . Deepening the two-way research and knowledge links with India ’ s education sector could unlock economic and productivity gains that both nations need .
The good news is we are on the right path .
A welcome boost to the Australia-India Strategic Research Fund announced recently , pairing research institutions to work together on science and technology projects , will continue to strengthen our knowledge exchange and create commercialisation opportunities .
Similarly , ongoing support for the New Columbo Plan from academia , private and public sectors enables over 10,000 Australian students to live , study and work across the Indo-Pacific region each year . A deeper sense of our surrounding nations and their societal drivers will be important as we begin to navigate a more complicated international environment , and there is no substitute for direct experience to shape the next generation of Australia ’ s thinking .
TAKING OUR EDUCATION CREDENTIALS ONLINE
The enablement of online education is also an opportunity for us to join forces in order to retain our competitive education position .
When the 2018 India Economic Strategy report called for more collaborative online education platforms , never did we imagine such an acceleration of academic technology as we have witnessed in the past few months .
Now higher education has temporarily shifted to an entirely online model , technology is reshaping the future business models of Australia ’ s education institutions .
A principal benefit of this shift will be how Australian institutions can reach a larger international audience , potentially up to around half a billion students , while also retaining an on-campus option for international students .
Such a curriculum requires a high degree of digital literacy , but also the ability to twin digital literacy with deeper critical thinking skills . This also just happens to be the mix of skills industry needs to thrive in the rapidly changing workplace .
As such , a collaborative approach between industry and academia is also required to develop digital curricula that not only facilitates mobile learning but provides students with the job-ready skills industry demands .
With the nature of job and skills ever evolving , removing barriers to upskilling once we transition into the corporate world is equally as important . From offering internship programs where interns gain hands-on experience on real projects to providing ongoing learning platforms for all employees .
Co-creating educational content , and making it available remotely and in bitesize chunks to enable effective learning and rapid consumption , is an innovative approach to nurturing our future leaders . It is this sort of collaboration that can ensure we are producing job-ready citizens , while demonstrating e-learning can deliver academic and economic benefits .
The growth opportunity within India in particular is vast . Australia could play a key role in helping India achieve its ambition of upskilling 400 million citizens ; the only way to accomplish such a lofty goal at speed and scale is digital .
Bringing together India ’ s depth of expertise in designing information technology and Australia ’ s proficiency in designing content would be a win for both countries from a development and growth perspective . It could help Australia reach a larger pool of international students , while a wider cohort of aspiring leaders across India would have access to premium Australian education .
Partnerships and investment in education , skills and knowledge with our Indo-Pacific neighbours has a large contribution to make to our post-COVID recovery . Let ’ s work together to generate future leaders who will underpin the prosperity of both countries , now and for generations to come . ■
Andrew Groth is senior vice president & region head of Infosys Australia and New Zealand .
Peter Varghese AO is a former DFAT secretary and author of ‘ India Economic Strategy to 2035 ’.
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