New Austrade chief Stephanie Fahey to lift role of services

Services make up 75 per cent of the national economy but little more than a fifth of total exports.

The new chief executive of Austrade, Stephanie Fahey, in Sydney yesterday. Picture: James Croucher

Services make up 75 per cent of the national economy but little more than a fifth of total exports. As such, the incoming head of Austrade has outlined a mission to ensure they make a greater ­contribution to Australia’s trade ­performance.

Stephanie Fahey will begin her role as the chief executive of Austrade on February 20, with Trade Minister Steven Ciobo saying her depth of experience in the education sector positioned her well to realise more of Australia’s growth potential in services.

Dr Fahey is a former deputy vice-chancellor of Monash University and has been the lead partner for education in Oceania at professional services firm EY for the past four years.

She has more than 25 years’ experience in the domestic and international education sectors and has served as an adviser on projects across the globe ranging from Papua New Guinea to Saudi Arabia and Chile.

“Services currently are around 75 per cent of the Australian economy, employ four out of five Australians, yet only account for 22 per cent of Australia’s exports,” Mr Ciobo told The Australian.

“Boosting services exports can be a real game-changer for our country and for job growth.”

Dr Fahey told The Australian her priority for Austrade was to continue to support exporters of goods “but also to turbocharge the export of services” and play to Australia’s strengths in tourism and international education as well as health and professional services. She flagged an interest in exploring new models by which to help businesses enter foreign markets as well as new ways to equip them with the digital tools needed to protect their interests and achieve success in the 21st century.

For example, Dr Fahey cited the government’s “landing pad program” which, as part of the innovation and science agenda, is aimed at providing Australian start-ups with access to some of the world’s most renowned innovation hubs in San Francisco, Singapore, Shanghai, Tel Aviv, and Berlin.