Australia's digital economy has surged in value to $79 billion, surpassing more traditional sectors like retail and transport.
A Deloitte Access Economics report estimates the size of the internet economy has soared from $50 billion in 2011 and already exceeds the $70 billion it was forecast to reach by 2016.
The current estimated value, of $79 billion, represents 5.1 per cent of Australia's gross domestic product, and is based on the impact technology such as smartphones, cloud computing and social networks has on the economy.
"When we first calculated the value of the internet economy in 2011, we all knew it was growing rapidly, but just as technology and levels of connectivity have evolved, so has the value of digital to the Australian economy," Deloitte Access Economics partner and report co-author Ric Simes said.
The report estimates that the value of Australia's digital economy will surge to $139 billion, or 7.3 per cent of GDP, by 2020.
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