Australia Earmarks AUS$800 Million to Boost Tech Growth Including Blockchain

The government of Australia through the Prime Minister’s Office has earmarked about AUS$800 Million (US$575 Million) as part of its efforts to boost tech growth including blockchain post-COVID-19 pandemic. Per the official release from Prime Minister Scott Morrison’s office, the plan by Australia to fund tech and blockchain firms are part of this year’s budget and would help support businesses to recover, as well as build back and create more jobs as part of the country’s economic recovery plan.

The coronavirus pandemic which has reportedly infected about 27,000 Australians as well as 900 deaths, has significantly altered the mode of operations of many businesses in Australia and around the world. As a means to slow down the spread of the highly contagious viral disease, most businesses had to go on lockdown following government directives. In a bid to survive, most firms had to adapt to online services, and as such, the adoption of digital technologies increased in the country within this period.

“Many businesses moved online quickly when the pandemic hit, undergoing a decade of change in months, finding new customers or new ways of doing things,” the Prime Minister said.

“Our JobMaker Digital Business Plan provides significant backing to continue that digital push and expand opportunities for businesses to grow and create more jobs. The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the economy,” added he.

The Australian government’s investment in tech and blockchain has also been described by the Australian government’s treasurer as a means to provide jobs for the citizens in these troubled times while simultaneously helping businesses stay on rendering their services.

“The Governments’ Digital Business plan is targeted at building on this digital transformation of Australian businesses to drive productivity and income growth and create jobs,” the Treasurer said. “Our Digital Infrastructure package is estimated to increase Australia’s GDP by $6.4 billion a year by 2024 and around $1.5 billion of this additional economic activity is estimated to flow to regional Australia each year.”

Funds from the Government of Australia to Feature Blockchain Innovations

While the government’s grand plan is to help boost the technological aspect of the economy, the Australian blockchain ecosystem will benefit also. According to the announcement, $256.6 million to develop a Digital Identity system to enable more secure and convenient engagement with government services, and in the future, the private sector. Digital identity is already being used by over 1.6 million Australians and 1.16 million businesses to access over 70 government services.

Of the humongous funds, about $6.9 million for two blockchain pilots directed at reducing business compliance costs while a commensurate amount of cash will be pumped into 5G development which China is leading in as well other areas where technological infrastructure is required.

With the COVID-19 pandemic, different governments are rolling out different measures to ameliorate the effects on businesses and the citizens, and the approach to provide support to the tech sector may set the country up for a digital revolution post-COVID-19 pandemic.