Impact of National Broadband Network on Financial Sector
* Executive Summary
This report aims to identify and explain the implications and microeconomic impacts of the National Broadband Network (NBN). This report also explains how NBN will help businesses to implement innovative and efficient business processes to increase revenues, competitiveness and productivity that will further drive the economic growth of Australia. The report will briefly compare the impacts of NBN to financial services sector in Australia and how financial services sector can benefit from the implementation of NBN in long run. This report aims to cover the supply side elements of NBN i.e. increased penetration of ICT to meet the demand side elements created by Private and Public sectors, thereby, feeding the benefits of broadband to the economy allowing broadband to unleash its potential as General Purpose Technology (GPT). While the impacts of NBN are in other sectors as well including Education, Healthcare etc. but the scope of this report is limited to financial services and insurance business sector only.
Table of Contents Executive Summary 1 1. Introduction 3 NBN and the Australian productivity 3 2. Implications of NBN 6 2.1 Efficiency and productivity 6 2.2 Increased competition and consumer surplus 6 2.3 Creation of jobs 7 2.3.1 NBN construction effects 7 2.3.2 NBN positive externalities or spillovers 8 2.3.3 Wages 9 2.4 Access to Education and Training 9 2.5 Access to Healthcare services 10 2.5.1 Increased Efficiency 10 2.6 Environmental implications 10 3. Impacts to future business development in Australia 11 3.1 Lower costs of production 11 3.2 Access to ICT and ICT enabled services 11 3.3 Globalisation of services 12 3.3.1 Reliability of Infrastructure 12 3.4 Promote innovation 13 3.5 Flexible workforce from Telework 13 4. Impacts of NBN to Financial services and Insurance sector 15 4.1 Innovation in Financial services 15 4.2 Reduced cost 16 4.3 Efficiency
This report aims to identify and explain the implications and microeconomic impacts of the National Broadband Network (NBN). This report also explains how NBN will help businesses to implement innovative and efficient business processes to increase revenues, competitiveness and productivity that will further drive the economic growth of Australia. The report will briefly compare the impacts of NBN to financial services sector in Australia and how financial services sector can benefit from the implementation of NBN in long run. This report aims to cover the supply side elements of NBN i.e. increased penetration of ICT to meet the demand side elements created by Private and Public sectors, thereby, feeding the benefits of broadband to the economy allowing broadband to unleash its potential as General Purpose Technology (GPT). While the impacts of NBN are in other sectors as well including Education, Healthcare etc. but the scope of this report is limited to financial services and insurance business sector only.
Table of Contents Executive Summary 1 1. Introduction 3 NBN and the Australian productivity 3 2. Implications of NBN 6 2.1 Efficiency and productivity 6 2.2 Increased competition and consumer surplus 6 2.3 Creation of jobs 7 2.3.1 NBN construction effects 7 2.3.2 NBN positive externalities or spillovers 8 2.3.3 Wages 9 2.4 Access to Education and Training 9 2.5 Access to Healthcare services 10 2.5.1 Increased Efficiency 10 2.6 Environmental implications 10 3. Impacts to future business development in Australia 11 3.1 Lower costs of production 11 3.2 Access to ICT and ICT enabled services 11 3.3 Globalisation of services 12 3.3.1 Reliability of Infrastructure 12 3.4 Promote innovation 13 3.5 Flexible workforce from Telework 13 4. Impacts of NBN to Financial services and Insurance sector 15 4.1 Innovation in Financial services 15 4.2 Reduced cost 16 4.3 Efficiency
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