Australian Government fintech committee broadens focus to long-term outlook

Source: Australian Government

The Senate Select Committee on Financial Technology and Regulatory Technology tabled an interim report on 2 September 2020 which made 32 recommendations to government.

The committee looks forward to receiving a formal government response to the recommendations in due course. However, it notes that a number of recommendations are already being implemented through measures announced as part of the 2020-2021 Budget delivered on 6 October, including in the areas of telehealth, Digital Identity reforms, the Research & Development Tax Incentive, and RegTech commercialisation.

As foreshadowed in its interim report, the committee will now turn its attention to the investigation of longer term issues. It is clear that Australia needs to take a long term view of tech as a driver of future jobs and economic growth to ensure that Australia remains globally competitive. In the context of COVID-19, rapidly increasing global digitisation and the decline of Hong Kong as a financial services hub, there are significant opportunities for Australia to seize.

The committee still considers that the broad areas of tax, regulation, capital, culture and skills, as well as impacts and opportunities in responding to COVID-19, are key to maintaining our competitive position. The committee welcomes submissions addressing these areas by 11 December 2020.

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