To cement Australia’s digital economy, the Australian Government has released an update to its Digital Economy Strategy for 2022.
Since the outbreak of COVID-19, the Australian Government has invested more than $3.5B in digital initiatives and has shown no sign of slowing down. The Digital Economy Strategy 2022 update has extended the 2021-22 federal budget to achieve further digital economy goals by 2030. The objectives of the Digital Economy Strategy are focused on investments in Australian businesses to elevate the economy to the digital standards around the globe.
The 2022 update provides initial funding for the following areas:
- $1B into technology investment boost into emerging technology
- $70M to establish a Quantum Commercialisation Hub
- $22.6M to further the support of 5G technology
- $3.9M for helping women transition mid-career to digital workforce
- reforming Australia’s payment systems, including digital assets frameworks and blockchain technology, and
- protecting Australian consumers online.
Small and medium businesses will also be supported through digital adoption incentives by being able to deduct an additional 20% of the costs incurred for business expenses and depreciating assets when supporting digital adoption, such as cybersecurity and cloud-based services.
With the Digital Economy Strategy, Australia is positioning itself as a global leader in digital commerce capabilities and aims to become a top 10 digital economy and society. It is likely the progression of the Digital Economy Strategy will continue in tandem with other major industries to develop Australia’s domestic and international capabilities.
