Slowing growth of multi-factor productivity is a concern for the Australian economy. Multi-factor productivity is a measure of the synergies between inputs of labour and capital that drive economic growth.
Multi-factor productivity can grow through effective use of information and communication technologies (ICTs). Digitally mature businesses are more productive and competitive than firms that make relatively basic use of ICT.
The HRF Centre’s Pulse survey gauges Hunter businesses’ use of ICTs annually. It reveals Hunter businesses have increased their uptake of digital technologies since 2014.
Sixty per cent of the region’s businesses used social media to advertise their business in 2017, outperforming SMEs nationally.
While 83 per cent of Hunter consumers bought goods and services online in the past year, only 22 per cent of businesses report accepting online payments.