Embracing the New Economy: A Path to Accelerated Regional Growth

Indigenous interests have a role to play and will make a contribution to big projects on their country

In the rapidly evolving landscape of global infrastructure and economic development, the competition is fierce. While nuclear energy remains a consideration, it is by no means our sole or even our most immediate prospect for economic growth. Emerging sectors such as GPU and chip manufacturing, renewable energy, and data centers present substantial and more immediate opportunities for regional economies. And these large investments will also create great opportunities for Indigenous interests on their own country.

Consider the following:

- NVIDIA's Market Surge: American chip manufacturer 英伟达 recently reached a record market capitalization of $AUD5.02 trillion, driven by heightened demand for its Graphic Processing Units (GPUs). This milestone underscores the vital role that high-tech manufacturing plays in the new economy.

- Microsoft's Valuation: 微软 has achieved a remarkable valuation of $AUD5 trillion, highlighting the sustained growth and importance of tech giants in the global market.

- Data Centers as Crucial Infrastructure: Data centers have become indispensable in today's digital economy. Amazon Web Services (AWS) , for instance, is committing $AUD13 billion to new data center constructions in Sydney and Melbourne, reflecting the escalating demand for data processing and storage capabilities.

- Renewable Power Transition: The shift towards renewable energy is not only environmentally imperative but also economically advantageous. The transition of our economy to renewable energy sources is projected to require $AUD370 billion. The Commonwealth’s Capacity Investment Scheme is facilitating this shift by allocating $AUD67 billion by 2030 for large-scale renewable energy investments. Significantly, this substantial investment will be mostly realized before the first feasibility studies for nuclear energy are completed.

- Record Investments in Battery Storage: Investment in big battery storage reached an unprecedented $AUD4.9 billion last year, reinforcing the critical role of energy storage solutions in a sustainable energy future.

- Cost-Effective Renewable Energy: According to CSIRO research, since 2018, the cheapest sources of electricity in Australia have been solar and wind generation. This cost efficiency further strengthens the case for accelerating our transition to renewable energy.

Mike Cannon-Brookes , a prominent Australian billionaire in cloud-based software, exemplifies the strategic shift towards renewable energy. His acquisition of a leading Australian electricity company and control over the country's largest solar power project underscores the compelling economic and environmental rationale behind renewable investments.

In summary, while nuclear energy holds potential, the economic prospects presented by new economy players are not only promising but also more immediate. By embracing advancements in GPU and chip manufacturing, expanding data center infrastructure, and accelerating our transition to renewable energy, we can drive robust and sustainable regional economic growth and create economic and equity opportunities for Indigenous Peoples.

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