Bay Area-Australia Report Released
The Bay Area Council Economic Institute on Wednesday (Dec. 16) released its latest global study, this time examining the economic and other ties linking the Bay Area with Australia. Developed for the American Chamber of Commerce in Australia and sponsors that included Lendlease, Salesforce, Telstra, University of Technology Sydney, Wipro, Google and Cisco, it analyzed the trade, investment, research and innovation ties between the two Pacific economies. The United States is the largest overseas investor in Australia, and the top global destination for Australian investment, supporting hundreds of thousands of jobs on each side.
The report finds that Australia’s universities are important centers for R&D in fields ranging from AI to robotics, IOT, defense and cybersecurity, which complements Bay Area strengths. As Australia looks to digitalize its economy, Bay Area partnerships are playing an important role in commercializing and scaling Australian research, enabling the growth and expansion of leading Australian startups. It also finds that as the world’s economy realigns around secure supply chains for technology Australia will play an increasingly important role due to their strategic alignment, their shared history of defense cooperation, and a foundation of shared democratic values.