Murray is now chairman of the Future Fund Board of Guardians, setup by the federal government to house the remaining share of Telstra.

He spoke about "information and value creation" at the University of Sydney's Computing of the Future symposium in Sydney Wednesday.

"There are a lot of issues with ICT (Information and Communications Technology) that have caused a lot of debate," Murray said, adding much of the debate has centered on whether IT is a source of competitive advantage and the expansive discussion about failed projects.

Murray said the current ICT environment represents a turning point for global economies.

"The value from generally applicable technologies like the internal combustion engine and electric motor at the start of last century does not apply in intellectual property but broad scale implementation," he said. "The commencement of a generally applicable technology is always a turning point for the economy."