Innovation in exports and the shift to digital is supported and promoted
Action 4.1G
The Government will support innovation in regulatory technology (RegTech) by providing critical early stage funding to SMEs.
recommendation/s
The Government should develop a program of national regulatory reform to deal with domestic regulatory impediments and inefficiencies.
Government to increase funding to FinTech and financial services regulators to empower proactive regulation and to support the adoption of RegTech solutions.
Government to implement fit for purpose capital injection to support digital transformation in services.
Government supports accelerators, incubators and other cluster development initiatives for services sectors, including in regional centres.
Progress to date
The Digital Business Plan announced during the 2020-21 Federal Budget, is helping businesses to use digital technologies to grow and create jobs as part of the economic recovery. The Digital Business Plan invested in digital infrastructure and skills, removed out-dated regulatory barriers, boosted small business capability, and simplified doing business with Government. Significant activity is underway to progress the Digital Business Plan across Government, with major milestones including:
- Launch of the first round of the Australian 5G innovation initiative in February 2021 to fund small to large businesses to test and develop 5G uses, applications, services and products. This technology will drive productivity across key industry sectors like agriculture, mining, retail, health, construction and manufacturing.
- Amendments to the Competition and Consumer Act 2010 in December 2020 to promote the ongoing rollout of the Consumer Data Right.
- Launch of the Regtech Commercialisation Initiative under the Business Research and Innovation Initiative to improve regulatory compliance, reduce regulatory administration, and directly support innovative firms.
In addition, the Digital Economy Strategy includes measures to implement smart, modern settings to drive digitalisation, including:
- investing $15.3 million to accelerate e-Invoicing adoption across the economy
- investing $111.3 million to accelerate the rollout of the Consumer Data Right
- introducing a digital games offset ($18.2 million)
- committing to deliver an Australian Data Strategy that will set out how the Government will enhance effective , safe and secure data use from 2021 to 2025
- funding $16.5 million to enhance management of Government data assets to deliver a Digital Atlas.