But in 2023, the tech industry will likely continue to grapple with issues around supply chains, workforce and innovation—now exacerbated by considerable macroeconomic and global uncertainties. While tech stocks outperformed during the pandemic pressures of 2020-21, the sector led considerable stock market declines in 2022.. During 2021-22, business expenditure on R&D was $20,642 million, up 14% from 2019-20. Business human resources devoted to R&D totalled 91,414 person years of effort. The Professional, scientific and technical services industry recorded the largest increase in R&D expenditure, up $871 million or 14%. 38% of total business R&D expenditure was in.

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The technology analyst firm also has predicted that IT spending in Australia will reach almost $117.7 billion in 2023, which is a substantial increase from $111.2 billion in 2022. Such intensive growth indicates the robust nature of the IT industry in Australia and its ability to adapt to the constantly evolving technology landscape.. IT spending in Australia is projected to exceed AU$133 billion in 2024, an increase of 7.8% from 2023, according to the latest forecast by Gartner, Inc. Spending on software will see the largest growth with an increase of 12.8% expected in 2024. Speaking at Gartner IT Symposium/Xpo on the Gold Coast this week, Andy Rowsell-Jones, Distinguished.