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Statement on conclusion of FinTech Inquiry

By commissioning the Senate FinTech Inquiry in late 2019, the Senate established one of the world’s first special purpose FinTech inquiries.

It showed that Australia is open for business for FinTech. The Committee quickly identified tax, regulation, culture, capital and skills as the major issues.

These remain the building blocks for a successful tech based economy whether it be in FinTech, agriculture or advanced manufacturing.

In two reports, the Committee has made around 50 recommendations to allow Australia to build on our FinTech leadership.

Over the past five years Australia has developed into a leading FinTech jurisdiction. This can be measured on the more than half a dozen unicorns and the offshore listings Australia now hosts.Australia has shown policy leadership and it is paying off.

In personal terms it is best measured by the thousands of Australians who work for FinTechs.The reason for their employment is the choice these new businesses are offering Australians who are hungry for competition after the Hayne Royal Commission.

The Committee’s interim report had numerous recommendations adopted in last year’s budget and my hope is there is more scope for our latest bipartisan recommendations to be adopted.

The FinTech and RegTech sector have been outstanding to work with. We have received hundreds of submissions which has helped the Committee get closer to the market and make relevant and practical recommendations.

Canberra is a long way from the market in general terms which is magnified in nimbler sectors like FinTech. As legislators, we are such a long way from the incubators on York St or at AgTech centre in regional Armadale.

My thanks to the amazing Secretariat and all the Committee members including the two deputy chairs Senators Smith and Kitching and the Queensland duo of Senators McDonald and Scarr.

I also offer thanks to the Prime Minister, Treasurer and Minister Hume for their support and for their individual and collective efforts to drive Australian FinTech.

Media: John Mangos 0401 392 624

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