Sydney, Oct 20: A recent study by Deloitte Access Economics found that Australia’s advertising industry contributed a whopping $53 billion to the nation’s economic landscape last year.
This monumental figure, representing an impressive 2.1 percent of Australia’s total Gross Domestic Product (GDP), underscores the indomitable role of advertising in driving economic growth, job creation, and innovation.
What sets the Australian advertising industry apart is its remarkable growth trajectory. The report underscores its economic impact, which has surged by a remarkable $13 billion, marking a staggering 12% increase since 2014. To provide context, this figure eclipses the contributions of crucial sectors such as the accommodation and food services industry ($47 billion) and even surpasses the telecommunications industry’s impact in 2018, standing at $52 billion.
Fueling Job Creation:
Beyond its economic prowess, advertising stands as a formidable force behind job creation in Australia. The industry directly employed 85,917 Australians in 2021, with an additional 67,465 holding indirect positions. Yet the impact doesn’t stop there.
Advertising also supports an astonishing 91,500 individuals employed in industries that rely heavily on advertising for their revenue.
Notably, the advertising industry’s job growth has been extraordinary, surging at an impressive rate of five percent per annum since 2015, which is double the average growth rate seen across all industries.
Elevating Living Standards:
The report underscores how advertising’s impact extends far beyond economic numbers. On a broader scale, it has significantly elevated living standards for everyday Australians, with each citizen benefiting from an estimated $2,100 in improved living standards. Additionally, the advertising industry has contributed approximately $352 million towards the development and maintenance of public infrastructure, creating a positive ripple effect across communities.
Value to Businesses:
The report reiterates the pivotal role of advertising in building brand awareness, educating the public, and fostering innovation and economic growth.
Businesses that have effectively harnessed advertising to communicate their value propositions to employees have witnessed enhanced employee retention and engagement, reinforcing their long-term brand-building efforts.
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