Knowledge-based industries include a range of services such as education, financial and other business services and communications. They also include high-tech manufacturing and emerging industries such as such as biotechnology. On the basis of these definitions, Australia is already doing well as a knowledge economy. We are rated above the OECD average for most of the indicators of readiness to move towards a knowledge-based economy. Services now account for 70 per cent of the Australian economy, manufacturing 13.3 per cent, mining 4.6 per cent, and agriculture only 3.4 per cent.
Services exports are also an important indicator of progress towards a knowledge-based economy.
Second only to manufacturing with 46 per cent. Mining and agriculture account for 18 and 9 per cent respectively. As The Economist itself has reported, the share of commodities in Australia's total exports has declined from two-thirds 15 years ago to a quarter now, and it continues to fall. The growth in our education exports, for example, prove this point. This figure exceeds the value of our wool exports and is considerably greater than those for passenger motor vehicles and wine.