The Chair of the Senate Select Committee on Financial Technology and Regulatory Technology, Senator Andrew Bragg, tabled an interim report containing 32 recommendations today.
“As Australia faces its first recession in 30 years, it’s clear we need more jobs and the only way to do that is to embrace technology and become globally competitive,” Senator Bragg said.
“It is my hope this interim report can be seen as a series of quick wins: new jobs and more choice,” he said.
Senator Bragg highlighted several recommendations.
• Research and Development. Further clarification around eligibility for tax incentives to ensure genuine software creation by Australian startups is reliably supported.
• Establish a new national body to deliver the landmark Consumer Data Right.
• Create a stronger competition mandate to promote innovation and guard against anti-competitive behaviour in Australia.
• Support for innovation and consumer choice like Buy Now Pay Later products.
• Regularly assess Australia’s global competitive position & implement the remaining recommendations from the Johnson Review.
“The Committee has made a number of other recommendations in the areas of regulation, tax, capital and funding, skills and talent, and culture,” he said.
“Australia should continue developing as a leading Asia-Pacific FinTech nation especially as Hong Kong declines as a financial centre.”
“More jobs and better consumer choice will emerge if we are competitive and iterative in our approach to policy formulation,” Senator Bragg said.
“We’ve already shown we can be smarter and more innovative during the pandemic. That’s why we’ve called for the extension of virtual AGMs, technology neutral laws and a permanent telehealth system.”
The Committee’s final report is due in April 2021.