Data the ‘New Oil’ of 21st Century

Investing in data and Australia’s digital capability is critical to the future of the country’s economy.

That was the key takeaway from the governor of the Reserve Bank of Australia Philip Lowe’s speech at the Melbourne Business Analytics conference on Monday.

Lowe said a recovery in business investment was key to a strong and durable economic recovery. He said while there had been a “pick-up in investment” in machinery and equipment more business investment was crucial.

“In many ways data is the new oil of the 21st century. Investing in data and our digital capability are critical to our future prosperity,” Lowe said. Continue here

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