The Government of Australia will be investing $800 million in a digital business plan to facilitate business by means of digital technologies to develop business and create more jobs as part of an economic and business recovery plan.
The COVID pandemic has increased the use of digital technologies by the Australian consumers and business, which facilitates many to shift gear their operations and continue to deal during the crisis.
Scott Morrison, the Prime Minister said that this financial year’s budget would help the business to get back and create jobs as the major part of the Business and Economic recovery plan.
Many businesses moved online quickly when the pandemic hit, undergoing a decade of change in months, finding new customers or new ways of doing things,
Our JobMaker Digital Business Plan provides significant backing to continue that digital push and expand opportunities for businesses to grow and create more jobs.
The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy
Josh Frydenberg, the treasurer of Australia said the Government was more focused on the digital economy of Australia to maintain a business in business and keep jobs for Australians as part of the economic recovery plan.
The Governments’ Digital Business plan is targeted at building on this digital transformation of Australian businesses to drive productivity and income growth and create jobs
The treasurer said
Our Digital Infrastructure package is estimated to increase Australia’s GDP by $6.4 billion a year by 2024 and around $1.5 billion of this additional economic activity is estimated to flow to regional Australia each year
The main elements of the Business Recovery plan include:
$256.6 million to develop a Digital Identity system to enable more secure and convenient engagement with government services, and in future, the private sector. Digital identity is already being used by over 1.6 million Australians and 1.16 million businesses to access over 70 government services.
A further $419.9 million to enable the full implementation of the Modernising Business Registers (MBR) program, allowing businesses to quickly view, update and maintain their business registry data in one location
A further $28.5 million to support the rollout of the Consumer Data Right to the banking and energy sectors, which is in addition to the more than $120 million already committed
$29.2 million to accelerate the rollout of 5G, including an initiative to invest in 5G commercial trials and testbeds in key industry sectors such as agriculture, mining, logistics, and manufacturing.
$22.2 million to support small business operators take advantage of digital technologies through an expansion of the Australian Small Business Advisory Service – Digital Solutions program, a Digital Readiness Assessment tool and a Digital Directors training package
$11.4 million for a new regulatory technology commercialisation initiative to improve compliance and directly support our digital technology firms;
$9.6 million to support fintechs to export financial services and attract inward investment
These actions are considered as the additional program to the Government’s NBN investment plan of $4.5 billion. The digital business plan is the major part of the Government’s business and economic recovery plan to develop the economy and create jobs and to make Australia a leading digital society by 2030.