LONDON – Australian technology companies have seen their share prices rise over the past year, thanks to a number of reasons, including a boom that began with a government crackdown on offshore tax avoidance and accelerated in recent months.
The Australian Bureau of Statistics’ annual report on Australia’s tech sector found that in 2016, the value of technology companies’ share prices increased from $18.4 billion to $21.2 billion.
That was more than twice as much as in 2015.
The report said the boom in shares has been driven by two factors:The first was an increase in the value and market capitalisation of technology businesses, which in turn increased the value companies pay to governments and other companies.
The second factor was the rise in the use of technology by government, and by large companies, for business reasons.
This is a story about technology and its impact on society and on innovation.
The ABC’s James Ashby has more.