Caroline Bowler comments on federal budget's innovation focus

The federal mini budget has prioritised improving the productive capacity of our economy. This outcome is aligned with those of the local digital assets industry.

As of today, our sector contributes $2.1bn to the Australian economy according to research from EY. Their 2021 report states that under the right policy settings, this contribution could grow to $68.4bn by 2030, about 2.6% of the national economy.

The industry has consistently looked to collaborate with government on a well-defined, proportionate regulatory environment for our sector. There is a clear dividend for the Australian economy from this work. The token-mapping exercise as recommended by the 2021 Senate report is a vital stepping-stone. However, we need ongoing intellectual investment from Government to drive and accelerate appropriate regulatory outcomes.

International partners such as the European Union are embracing this opportunity with their recent legislation. It is imperative that we move with the times or risk losing both our competitive edge and the digital economy.