The Federal Government has released a consultation paper entitled ‘The Digital Economy: Opening up the Conversation.

The consultation paper invites all interested parties across the private and public sectors to contribute to and assist with the development of the Australian Government’s Digital Economy Strategy (Strategy). The Strategy will be launched mid-way through 2018. The Government estimates that adopting a strategy which embraces the emergence of the digital economy could boost the economy by $140 billion to $250 billion over the next 8 years.

Notably, the paper seeks recommendations on the development of standards and regulation which promote, among other things, the productivity of the fintech industry. To this end, the paper invites responses to questions such as:

  • What opportunities do we have to accelerate the development of technologies that will underpin Australia’s digital economy?
  • What digital standards do we need to enable Australian businesses to participate in the global supply chains and maximise the opportunities of the digital economy?
  • What is holding Australian businesses back in terms of benefiting from digital technologies?
  • What key growth industries should Australia be tapping into? In what technologies and sectors should Australian businesses take the lead, and where should we be a ‘fast follower’ of international trends?

Submissions of views and ideas for the Strategy can be made by email to digitaleconomy@industry.gov.au or via the Consultation Hub. The consultation period for the Digital Economy Strategy is currently open and will close on 30 November 2017.