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DIGITAL ECONOMY STRATEGY 2030
RYAN TAX SERVICES AUSTRALIA PTY LTD trading as TCF Services
NEWSLETTER | 15.01.2022
DIGITAL ECONOMY STRATEGY 2030
Australia's $2b investment into digital technologies
Hi Paul
PM Morrison recently announced the new Digital Economy Strategy 2030 whereby it will be investing $2billion in settings, infrastructure and incentives to grow Australia's digital economy. A complete version of the Digitial Economy Strategy 2030 can be found here.
Listed below are the 8 areas in which the funds will be allocated, as further information comes to light we will provide further updates.
Building on the 2020 Job-ready Graduates Packages, the Australian Government is committing:
· $10.7 million for the Digital Skills Cadetship Trial to deliver work-based learning opportunities for in-demand digital jobs
· $43.8 million for the expansion of the Cyber Security Skills Partnership Innovation Fund to fund additional innovative projects to quickly improve the quality and quantity of cyber security professionals in Australia
· $24.7 million over six years for the Next Generation Artificial Intelligence Graduates Program to attract and train home-grown, job-ready AI specialists through competitive national scholarships
· $22.6 million over six years for Next Generation Emerging Technology Graduates Program that will provide more than 200 competitive national scholarships in emerging technologies.
Click here for more details
ARTIFICIAL INTELLIGENCE
The Australian Government is supporting Artificial Intelligence (AI) in Australia by:
· investing $53.8 million over four years to create the National Artificial Intelligence Centre that will drive business adoption of AI technologies by coordinating Australia's AI expertise and capabilities
· providing $33.7 million over four years to support Australian businesses to partner with government to pilot projects for AI‑based solutions to national challenges
· investing $24.7 million over six years in the skills of the future by establishing the Next Generation AI Graduates Program to attract and train home-grown, job-ready AI specialists
· providing $12 million over five years to catalyse the AI opportunity in our regions by co-funding up to 36 competitive grants to develop AI solutions that address local or regional problems.
Click here for more details
ENHANCING GOVERNMENT SERVICE DELIVERY
The Government is investing in its own digital service delivery to enhance the services it provides to Australians and to save them time and hassle, committing:
· $200.1 million to enhance myGov to deliver a simpler and more tailored experience for Australians based on their preferences and interactions
· $301.8 million to enhance the My Health Record system, adding support for COVID-19 testing and vaccinations, connecting Residential Aged Care Facilities and connecting specialists in private practice and delivering improved telehealth, emerging virtual healthcare initiatives and digitised support across all stages of healthcare.
Click here for more details
INVESTMENT INCENTIVES
The Australian Government is empowering businesses to grow investment in digital technologies.
The Australian Government is delivering tax incentives for businesses to stimulate investment in digital technologies to enhance their productivity and grow and create jobs by:
· providing a digital games tax offset for qualifying Australian games expenditure to eligible businesses
· allowing taxpayers to self-assess the effective life of certain depreciating intangible assets
· undertaking assessment review of the venture capital tax concessions to ensure they are achieving their intended objectives.
Click here for more details
SME DIGITALISATION
The Digital Economy Strategy is supporting Australian businesses by:
· $12.7 million to provide independent advice to Australian small businesses to help them build their digital capabilities through the Digital Solutions – Australian Small Business Advisory Services program
· $15.3 million to enhance the value of electronic invoicing to help businesses reduce costs and increase productivity.
These investments build on the Government's almost $800 million investment in the Digital Business Plan, which is helping businesses to use digital technologies to grow and create jobs as part of Australia's economic recovery.
It also complements the Digital Business-to-Business (B2B) Partnerships Initiative that will leverage the trusted relationships that Australia's corporate sector has with SMEs to promote the adoption of, use of and access to digital products and services.
Click here for more details
EMERGING AVIATION TECHNOLOGIES
The emerging aviation sector is evolving to support new delivery methods and logistics services in support of regional and urban Australians. The Australian Government is partnering with other levels of government and stakeholders in this rapidly-emerging sector, delivering:
· the National Emerging Aviation Technology Policy Statement to set the framework for managing these new technologies
· $32.6 million over two years for an Emerging Aviation Technology Partnerships Program to support the use of emerging aviation technologies to address priority community, mobility and cargo needs in regional Australia
· the framework for a Drone Rule Management System
· scope for the development of the National Drone Detection Network.
Click here for more details
DATA AND THE DIGITAL ECONOMY
Australian Government data initiatives supporting the digital economy include:
· an Australian Data Strategy to create a data-driven economy through better data use
· $111.3 million to support the acceleration of the Consumer Data Right rollout
· $40.2 million to deliver the Digital Atlas of Australia
· $16.5 million for a pilot program to make the Australian Government's data assets discoverable and support whole-of-economy reuse.
Click here for more details
CYBER SECURITY, SAFETY AND TRUST
New investments under the Digital Economy Strategy in Australia's cyber security, safety and trust include:
· $31.7 million to secure our future connectivity using 5G and 6G mobile networks
· improving standards for trusted identities that underpin the digital environment
· strengthening Australia's data security settings through the development of a National Data Security Action Plan
· piloting Cyber Hubs to improve resilience and cyber security maturity of government agencies
· $16.4 million over three years for the Peri-Urban Mobile Program to improve mobile phone connectivity in the bushfire-prone areas of the peri-urban fringe of Australia's major cities.
Click here for more details