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Global IT spending is forecast to decline 0.5 per cent in 2016 with total costs expected to reach $3.49 trillion compared to 2015’s estimate of $3.51 trillion, according to Gartner.

Commenting the  forecasts, IBRS advisor Guy Cranswick noted that there were a number of other varying factors that may also be affecting IT expenditure, including global deflation resulting in cheaper products and services, and an already-high level of IT investment decreasing the necessity for further spending.

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"ABS data on technology investment, and also analysis on productivity, indicates that IT investment is a marginal driver of productivity given the high levels of technology investment already," said Cranswick.

"Beyond 2020, it's very risky to estimate IT expenditure]. Based where interest rates are globally and demography (more boomers retiring thus affecting aggregate demand) IT remaining low might be more certain than a break-out boom."

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