Find out the Turnbull government’s stance on innovation, and how developments such as the new Federal Budget can benefit IT professionals.
For people whose work relies on constant change and evolution such as those in professionals in IT careers, the Turnbull government’s commitment to promoting innovation in Australia is creating a positive outlook.
With the latest Federal Budget showing continuing support for innovation, people in the technology sector will want to be aware of where this backing is focussed.
Funding technology and innovation
The Turnbull government has made it’s penchant for innovation clear from the beginning. As a result, startups and companies looking to harness new technology are likely to see a lot of support. Peter Bradd, CEO of StartupAUS, predicts there will be advantages for both business and the economy in general.
“It’s fantastic to have this at the top of the political agenda. Both sides of politics are now recognising the critical importance of innovation to Australia’s economy – and the vast opportunities we can harness if we are smart and act quickly,” he said.
“Transforming Australia’s economy to take advantage of emerging technology is no easy process. Malcolm Turnbull’s government has moved very quickly on these issues, and these policies establish a strong initial platform for growth.”
With the government boosting Australia’s ability to pursue technological developments, the country will likely remain a global leader in innovation.
Investing in FinTech
One of the major areas that the Budget targets, which will impact both the IT industry and many other sectors, is financial technology (FinTech).
According to the Treasurer of the Commonwealth of Australia, Scott Morrison, the Budget aims to help make Australia’s FinTech sector competitive worldwide, as well as encouraging entrepreneurs to invest in it.
“A strong and vibrant FinTech industry will play an important role in the transition underway in Australia’s economy. Australia already has a competitive financial services sector and the Turnbull Government will ensure our policy settings remain relevant for a modern, digital economy,” he said.
He said that it’s important for the country’s systems to embrace innovation to enable greater flexibility and agility, such as through developments like Blockchain. In addition, users of BitCoin will no longer be double-taxed, making digital currency a more viable option for individuals and business.
“The benefits of this technology could be profound – extending right across our economy. We are looking to position Australia as a leading global player in this exciting new area,” said Mr Morrison.
As a result, there is the potential for a lot more IT&T job opportunities to be available not only in the technology sector, but in industries such as the financial sector that are making the most of the government’s position on innovation.