What is STEM?

STEM is an acronym for Science, Technology, Engineering and Mathematics.

STEM is a curriculum based on the idea of educating students in these four specific disciplines. Rather than teach the four disciplines as separate and discrete subjects, STEM integrates them into a cohesive learning paradigm based on real-world applications. 

Have you considered how often we experience STEM in our lives? Science is our natural world— sun, moon and stars…lands and oceans…weather, natural disasters, the diversity of nature, animals (large, small, microbial)…plants and food…the fuel that heats our homes and powers transportation…The list is almost endless. In today’s world, technology means computers and smartphones, but it goes back to television, radio, microscopes, telegraph, telescopes, the compass, and even the first wheel. Yes,engineering designs buildings, roads, and bridges, but it also tackles today’s challenges of transportation, global warming and environment-friendly machines, appliances and systems. We only have to look around to see what improvements to our lives and our homes have been engineered in the last decade alone. We encounter mathematics at the grocery store, the bank, on tax forms, in dealing with investments and the family budget. Every other STEM field depends on mathematics. STEM is important, because it pervades every aspect of our lives.

Let’s consider how STEM effects what is closest and dearest to us—our children. STEM is their future—the technological age in which they live, their best career options, and their key to wise decisions. 

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                                 Dr Alan Finkel

                                 Office of the Chief Scientist

In Australia, there are, gathering threats and challenges to us maintaining this way of life. The five most significant societal challenges that we presently face are:

 Living in a changing environment;

 Promoting population health and wellbeing;

 Managing our food and water assets;

 Securing Australia’s place in a changing world;

 Lifting productivity and economic growth.

Addressing these challenges requires the development of a high-quality STEM enterprise and its strategic deployment. STEM has and will continue to provide for everyone – to make available the new knowledge and technologies that are needed to address challenges, and to underpin new goods and services. Without this wellspring of new knowledge, there are hard limits to the potential for further improvement of peoples’ lives. Sustainable economic growth is a vital strategy for the future of humanity. Historically, long-term growth has invariably rested on abundant technological change, but sustainable growth will require an even higher level of ingenuity and innovation. Societies are becoming more dependent on increasingly complex technologies, and have greater requirements for improved goods and services. Business and government must recognise both opportunities and obligations in this context. To recognise and take full advantage of the opportunities which STEM provides, Australia will benefi t most if there is widespread and general STEM literacy throughout the community, complementing the deep expertise of STEM practitioners. Many countries are relying on their STEM enterprise and its quality to build knowledge-based communities and economies. Australia must do the same.

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                                  Luke Sayers
                                  PwC Australia Chief Executive

After a sustained period of economic prosperity, Australia is facing some tough challenges. Slowing growth, declining real wages, falling productivity and end of the mining boom to name a few.

Businesses also have to come to terms with the monumental impact that digitisation and technology is having on business models, supply chains and customer behaviour.

• 44% (or 5.1m) jobs are at risk from digital disruption

• Innovation and STEM education are key to future growth

• $57.4bn increase in GDP if we shift just 1% of our workforce into STEM roles

With all of this, Australia needs to better position itself to compete in the global economy of the future.

PwC is committed to solving the problem, and is looking to bring together experts, advocates and resources from a diverse range of stakeholders and sectors to catalyse the scale and fast-track the pace of change required.

This is why we've taken the time to understand and develop the case for change and published a new report ‘A smart move – future proofing Australia's workforce by growing skills in science, technology, engineering and math (STEM).

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