Many of the qualities the judging panel would’ve sought out four decades ago are the same as what we value today – tenacity, drive, passion and belief. There are proud South Australians who would have made the cut back then and are still actively contributing to business and society in 2018.

But the differences between the hypothetical finalists of ’78 and the ‘40 Under 40’ today reveal the differences in our society and our economy.

Some of these shifts reflect positive changes in Australian society. For a start, the ’78 list would likely have had fewer women and people from migrant, non-English speaking or Aboriginal backgrounds. This isn’t a reflection on their lack of talent; rather, it’s a lack of recognition for that talent. Yes, we’ve made some progress – the extent to which we champion our differences is improving today and we hope that a list 10 years from now will be more diverse still.

Of course, the other big change that’s occurred since 1978 is the transition of our economy. Driven by globalisation and technology, South Australia’s industry mix has shifted significantly over the past 40 years, and particularly in the last two decades. In the mid-1980s, around 100,000 South Australians were employed in manufacturing – nearly a fifth of the workforce. Today, that number is approximately 70,000, even though there are more people employed overall.[1]

As a result, the ’78 list would’ve included more engineers and technicians working across Adelaide’s many factories, designing new components or products for future generations. It’s hard to remember now, and the lustre had already started to fade by the ‘70s, but Detroit was hailed in its era in the way that we praise Silicon Valley today as a hub of global innovation. Adelaide had a similar shine as the industrial heart of Australia at the time.

The ‘40 Under 40’ of today mirrors South Australia’s transformation. Manufacturing still plays its part in our economy, but in niche areas like distilling, reflecting our competitive advantage in producing alcoholic beverages – our largest export in 2016-17 at $1.5 billion, driven largely by South Australian wine.[2] There are leaders across the health and community sectors, with healthcare and social assistance now representing 10 per cent of our economy in industry value added terms, up from 6 per cent in 1990.[3]

… it’s time we shifted our own conversation about South Australia and its economy.

Overwhelmingly, our ‘40 Under 40’ leaders work in services sectors, whether that be servicing the needs of our communities in innovative ways, eco-friendly transport in the CBD or support for local artists. Many own or work in businesses focused on competing on the world stage, from architectural design to accounting.

And this is the key difference between today and 1978. In the ’70s, we produced and exported things around the world – typically manufactured, mining and agricultural products. Today we export our city, with international tourists and students flocking to South Australia in increasing numbers each year. We also export our smarts, as technology unlocks an unlimited serviceable market for local businesses.

It’s true that some young South Australians will inevitably choose to leave and grow their careers elsewhere. But as our ‘40 Under 40’ shows, many come back and make a positive contribution to our state.

So it’s time we shifted our own conversation about South Australia and its economy. Last month, South Australia’s young leaders celebrated our state as the best place to develop something new, to grow a world-class business, to work together and to learn from the success of others.

Their achievements are founded on courage. Courage to have a go, even if that means failing. Courage to challenge the old ways of doing things. And courage to look beyond our borders, while seizing the best South Australia has to offer.

Aaron Hill is a director at Deloitte Access Economics and Elizabeth Alvaro is a manager at Deloitte Access Economics.

[1] Australian Bureau of Statistics, Labour Force, Australia, Detailed, Quarterly, Feb 2018, cat. no. 6291.0.55.003 (29 March 2018).
[2] Australian Bureau of Statistics, International Trade in Goods and Services, Australia, Apr 2018, cat. no. 5368.0 (7 June 2018).
[3] Australian Bureau of Statistics, Australian National Accounts: State Accounts, 2016-17, cat. no. 5220.0 (17 November 2017).