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Fintech Issues Paper Phase Two

The Senate Select Committee on Financial Technology and Regulatory Technology has today called for further submissions in its investigation of longer term issues.

Committee Chair, Senator Andrew Bragg, said it is clear Australia needs to take a long term view of tech as a driver of future jobs and economic growth.

“Australia needs to move fast to remain globally competitive,” Senator Bragg said.

“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,” he said.

Senator Bragg said the committee still considers the broad areas of tax, regulation, capital, culture and skills, as well as impacts and opportunities in response to COVID-19, are key to maintaining Australia’s competitive position.

The issues paper canvasses how Australia’s tax and immigration systems can drive more capital and the best skills to our country.

“Australia is hungry for the best people and capital but our laws must actively and aggressively promote these objectives,” he said.

‘We must try new things, for example, we’re open to views on how to reduce effective rates of taxation to promote investment in technology.”

He said the committee is also interested in further exploring obligations on accredited data recipients, particularly with the potential for big non-bank technology companies to become accredited data recipients under the Consumer Data Right (CDR) regime.

The issues paper also canvasses global connectivity in the digital age. “For instance, we are seeking feedback on the progress of the FinTech Bridge between Australia and the United Kingdom,” he said.

The committee welcomes further submissions by 11 December 2020.


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