Increased Funding for Digital Economy Initiatives in Australia

• ByStartupStory     |    December 31, 2021

In its Mid-2021 Economic and Fiscal Outlook (MYEFO), the Treasury said the federal government would divest an additional A$252.5 million over four years to implement other initiatives. as part of a digital economy strategy. 

 The total amount will be divided among several projects; the majority of AU$161 million will go to the digital identity system; AU$27 million to the Office of the National Data Commissioner to improve  sharing and promote greater use of public sector data; and nearly A$3 million to the Australian Bureau of Statistics to make improvements to the data.gov.au website to improve public access to government data. AU$4,444,111 million will be used to support the commercialization, adoption and use of quantum technology, including AU$4,444 million for the quantum commerce hub recently announced  by the Federal Government. This is part of a new blueprint for key technologies. 

 An additional AU$22.6 million will be allocated to the second round  of the 5G Innovation Initiative to support private sector investment in 5G testing and testing stations, while AU$800,000 over two years will be used to identify interventions to address Australia’s digital skills and inclusion. the need for consultation of the sectors, the education and training sectors. 

 Responding to the survey’s recommendations on the  future direction of consumer data law, the government said it would also provide AU$1.8 million over two years to provide energy standards. energy through the CDR and provide a concessional loan of AU$6 million to the Australian Energy Market Operator (AEMO) by 202122 to enable AEMO to set up the necessary IT systems to share data. data through the CDR program. 

 MYEFO said the digital economy strategy lays the foundation for the growth of the digital economy and focuses  on investing in parameters, infrastructure and incentives to ensure that businesses can increase productivity and compete on a global scale. 

 Meanwhile, the Digital Transformation Authority (DTA) will receive an additional A$59 million over four years to continue providing enhanced IT and digital consulting and oversight. In other areas, the Australian Space Agency will receive an additional AU$23 million over five years, along with an ongoing AU$2 million per year to support the development of the local space sector, including including the creation of a Mars rover from Australia. . 

 Other MYEFO winners  include the National Archives of Australia, which will receive A$68 million over four years to preserve records at risk, providing additional staff and capacity to improve on-demand digitization services and invest in cybersecurity and future digital innovations.

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