Insights

Aussie tech could grow to $250b. What does this mean for ASX tech shares?

A new tech supergroup wants to position Australia as the startup capital of the world within 10 years.
The post Aussie tech could grow to $250b. What does this mean for ASX tech shares? appeared first on The Motley Fool Australia. –

ASX tech shares have certainly become more than a passing fancy for ASX investors. With fabled success stories like Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO) and WiseTech Global Ltd (ASX: WTC), it’s certainly hard to ignore this sector in these strange times.

But could we just be seeing the start of the ASX tech revolution? My Fool colleague Mitchell Lawler reported this morning that the movers and shakers at Afterpay and fellow Aussie (albeit US-listed) tech company Atlassian Corporation PLC (NASDAQ: TEAM) have teamed up in a “push for Australia to become an irresistible hub for tech startups”.

The best heads at Afterpay and Atlassian will be joined by the best and brightest from 22 other tech leaders to form the Tech Council of Australia (TCA). As well as Afterpay and Atlassian, the members of the new TCA include many ASX-listed tech companies. These include the likes of Airtasker Ltd (ASX: ART), Redbubble Ltd (ASX: RBL) and Megaport Ltd (ASX: MP1). But it will also include some unlisted ASX tech players like Canva and SquarePeg. As well as some global tech titans like Microsoft Corporation (NASDAQ: MSFT) and Alphabet Incs (NASDAQ: GOOG)(NASDAQ: GOOGL) Google.

An ASX tech A-team

The council’s board will reportedly be made up of Atlassian’s Scott Farquhar, Mina Radhakrishnan from :Different, Afterpay’s Anthony Eisen, and Canva co-founder Cliff Obrecht. And its chair will be Robyn Denholm, who is one of the most famous tech stewards in the world in her position as chair of Elon Musk’s Tesla Inc (NASDAQ: TSLA).

So what does this ‘A-team’ of Aussie tech have in mind for the future of the ASX tech sector?

Well, according to a report from news.com.au, the TCA has 3 overarching goals:

To “help position Australia as the startup capital of the world within 10 years”
Aussie tech to employ 1 million people by 2025
To grow the value of the Aussie tech industry to $250 billion by 2031

As my Fool colleague discussed this morning, Atlassian co-founder Mike Cannon-Brookes reckons Aussie tech is worth around $167 billion today, so an increase to $250 billion would represent a meaningful expansion of the local tech sector. According to the news.com.au report, the TCA will aim to reach its goals by:

supporting growth of, and investment in, Australia’s tech sector
generating more jobs
helping develop regulation for new and emerging technologies, and
taking on the responsibilities of not-for-profit organisation StartupAus

Good news indeed for any ASX tech investors out there today!

The post Aussie tech could grow to $250b. What does this mean for ASX tech shares? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Afterpay (ASX: APT) and Atlassian team up in Aussie tech push
Up 20% in 10 days: Can the Zip (ASX:Z1P) share price keep rising?
Afterpay and Zip were among the most traded ASX shares last week

Bank dividends to rise, and Climate Change in focus. Scott Phillips on Sky News First Edition

Why we just sold all our Afterpay (ASX:APT) shares

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns shares of Alphabet (A shares) and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Alphabet (A shares), Alphabet (C shares), Atlassian, MEGAPORT FPO, Microsoft, Tesla, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!