FinTech Australia welcomes the release of the Ambitious Australia: Strategic Examination of Research & Development (SERD) Final Report
FinTech Australia welcomes the release of the Ambitious Australia: Strategic Examination of Research & Development (SERD) Final Report saying the reforms will help fintech drive productivity, competition and better outcomes across the economy.
Research by Deloitte and FinTech Australia released this week estimates Australia’s fintech sector contributes $13.6 billion in direct value added to the Australian economy, equal to 0.5 per cent of GDP, and supports over 109,200 full-time jobs.
FinTech Australia CEO Rehan D’Almeida said it was encouraging to see several key FinTech Australia recommendations included in the SERD final report particularly the addition of a new national pillar for technology.
“Technology contributed $167 billion to the GDP and with fintech the fastest growing sector within that, we believe these reforms will support growth and innovation,” D’Almeida says.
In particular, FinTech Australia supports:
The addition of a dedicated Technology National Innovation Pillar, ensuring digital industries like fintech are recognised as central to Australia’s growth;
A strong focus on improving capital allocation to venture capital, critical to helping high-growth fintechs scale; and
Recommendations to reform the Research and Development Tax Incentive, including more streamlined access for SMEs and startups.
“The R&D Tax Incentive has long been essential to bridging early stage development gaps for startups, and it will be essential that these are implemented in a way that supports startups and SMEs,” D’Almeida says.
“The Research & Development Tax Incentive reform was identified by Deloitte as a key priority for fintech which would help to drive growth within the sector and help it become a $71 billion industry by 2035,” D’Almeida says.
“More broadly, the report is a step toward a more structured and coordinated innovation system, better aligning government, industry and research around clear national priorities,” D’Almeida says.
“As this framework is implemented, it will be important to ensure it remains open, competitive and accessible, particularly for startups and emerging players, who are often the source of the most transformative innovation.
“FinTech Australia looks forward to continuing to work with the Government, regulators and our members to help ensure these reforms unlock the full potential of Australia’s fintech sector and broader digital economy.”
About FinTech Australia
FinTech Australia is the not-for-profit peak industry body for the Australian fintech sector, representing over 400 fintech companies and startups across the nation. FinTech Australia’s vision is to make Australia the leading market for fintech innovation and investment by working with both sides of government, industry and the Australian fintech community to create a supportive environment and partner ecosystem in Australia and abroad.
