2.2 Global Futurism and Megatrends

Business is shifting from products to services which are becoming increasingly important in a world where knowledge is a commodity. However, COVID-19 exposed the risk of multiple supply chains and has reset thinking on manufacturing dependence.

Additive manufacturing will increase as 3D printing becomes the norm and layer upon layer of material will be built up to create items. The ‘molecular economy’ could be a very significant disruptor.

Nanotechnology will be a disruptor that challenges current manufacturing and while the “next greatest thing” in technology can vary, it is will always be compact and mobile. The ever-increasing move to mechanisation will impact on labour and risk jobs. The positive aspect for Australia is that with labour costs removed there will be a more level playing field in respect of input costs and global competitiveness. Workers in emerging economies will be particularly vulnerable. The World Bank predicts the leading risk to workers will be in China (77%) and India (67%), and the political risk is the young age demographic of those countries where unemployment could be as high as 34%.

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