A once-in-a-decade report from CSIRO, Australia’s national science agency, identifies seven global megatrends that hold the key to the challenges and opportunities ahead.
With an outlook to 2042, Our Future World revisits CSIRO’s ground-breaking 2012 report of the same name, exploring the geopolitical, economic, social, technological and environmental forces unfolding around the world, predicting their likely impact on Australia’s people, businesses and governments.
An overview of the megatrends:
- Adapting to climate change: with natural disasters expected to cost the Australian economy almost three times more in 2050 than in 2017, we can expect to be living in a more volatile climate, characterised by unprecedented weather events.
- Leaner, cleaner and greener: an increased focus on potential solutions to our resource constraints through synthetic biology, alternative proteins, advanced recycling and the net-zero energy transition. By 2025, renewables are expected to surpass coal as the primary energy source.
- The escalating health imperative: the post-pandemic world has exacerbated existing health challenges posed by an ageing population and growing burden of chronic disease. One in five Australians report high or very high levels of psychological distress and there is heightened risk of infectious diseases and pathogens resistant to modern antibiotics. There is now a burning platform to also respond to our health risks and improve health outcomes.
- Geopolitical shifts: an uncertain future, characterised by disrupted patterns of global trade, geopolitical tensions and growing investment in defence. While the global economy shrunk by 3.2% in 2020, global military spend reached an all-time high of $2.9 trillion and Australia saw a 13% increase in cybercrime reported relative to the previous year.
- Diving into digital: the pandemic-fuelled a boom in digitisation, with teleworking, telehealth, online shopping and digital currencies becoming mainstream. Forty percent of Australians now work remotely on a regular basis and the future demand for digital workers expected to increase by 79% from 2020 to 2025.
- Increasingly autonomous: there has been an explosion in artificial intelligence (AI) discoveries and applications across practically all industry sectors over the past several years. Within the science domain the use of AI is rising with the number of peer-reviewed AI publications increasing nearly 12 times from 2000 to 2019.
- Unlocking the human dimension: a strong consumer and citizen push for decision makers to consider trust, transparency, fairness and environmental and social governance. While Australia saw a record level increase in public trust in institutions during the pandemic, this ‘trust bubble’ has since burst, with societal trust in business dropping by 7.9% and trust in government declining by 14.8% from 2020-21.
Read more on the CSIRO website