Open financial data reforms, reduced barriers for banking licences, an expanded regulatory sandbox and digital currency tax cuts are among the major initiatives in the 2017-18 Australian budget welcomed by Australia’s fintech industry body. Australian Treasurer Scott Morrison used the budget to deliver a detailed new statement about how he will create competition and accountability in Australia’s banking system. “We welcome these initiatives – they’re a huge step forward when it comes to growing a globally competitive Australian fintech industry, that will also deliver greater choice and improved financial outcomes for consumers,” said FinTech Australia CEO Danielle Szetho. “It is pleasing to see that the government has clearly used the budget to reaffirm its commitment to Australia’s fintech industry, and sees this industry as a driver of increased consumer choice and jobs growth in financial services,” she says. “We now welcome the speedy implementation of these initiatives, given that Australia is in an extremely competitive and fast-moving global environment when it comes to establishing a regional fintech advantage.” Szetho says FinTech Australia will be working closely with other startup industry groups to assess the potential impacts of the government’s announced new levies on businesses which employ skilled migrants.
Among the budget initiatives welcomed by FinTech Australia include: