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Australia as a Technology and Finance Hub

Australia as a Technology and Finance Hub

18.03.2021

Senator Andrew Bragg: Statement on the Senate Select Committee on Financial Technology and Regulatory Technology

Today the Senate voted to expand the scope and length of the FinTech Select Committee to further improve Australia’s position as a global financial and technology hub.

Committee Chairman, Senator Bragg sought to extend the Committee beyond its April deadline to October 2021, and has changed the name to the ‘Select Committee on Australia as a Technology and Financial Centre’.

“The work of the Committee so far has clearly shown Australia is well poised for rapid growth in the sector to attract investment and create jobs,” Senator Bragg said.

“This is the ideal time to widen our scope and explore new opportunities for Australia as a technology and finance centre arising from the COVID-19 pandemic.”

Senator Bragg said it is critical to use this opportunity to consider opportunities in:

  • Cryptocurrency and digital assets
  • Neobanking 
  • Instances of corporate law holding back investment 

Options to replace the Offshore Banking Unit as set out in a recent statement from the Treasurer - https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/amending-australias-offshore-banking-unit-regime-0

Senator Bragg noted that technology has unlocked geographic restraints on Australia to become a hub for global technology.

“I fully expect the Committee to focus on removing more barriers to Australian growth as a technology and finance centre,” he said.

“This is a golden opportunity to bolster Australia’s economic growth and I want to ensure we take full advantage of it”, Senator Bragg said.

The Committee is expected to deliver a report in April on its existing work programme and a further report on the new mandate in October.

MEDIA | John Mangos | 0401 392 624 


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