Federal Budget 2021: Australia gets nearly AU$1 billion digital boost

The Scott Morrison-led government on Tuesday released its Federal Budget for the financial year 2021-22, committing nearly billions in funding and policies to boost Australia’s digital economy.

While presenting Federal Budget 2021, Treasurer Josh Frydenberg says the government is making significant investments in digital infrastructure to support Australian businesses and workers. The government has committed to invest AU$111.3 million to accelerate the roll out of the Consumer Data Right (CDR) across the economy.

The increase in adoption of digital technology will be key driver of employment, wages and productivity growth and help secure Australia’s recovery, he added.

“The government is committing AU$111.3 million to accelerate the roll out of the Consumer Data Right (CDR) across the economy, starting with banking and energy, then moving to telecommunications. This is putting consumers in control of their data, supporting more informed consumer choice and access to better deals,” says Frydenberg, while presenting his third federal budget.

The Treasurer said that the CDR program supports the government’s ambition to be a leading digital economy by 2030, creating new data-driven jobs, products and services and empowering consumers to benefit from their data held by businesses.

Govt to Invest AU$1 Billion to Build Digital Capabilities

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The federal government has proposed to invest over AU$100 million to build the digital skills of Australians to meet the needs of the modern Australian workplace. The government will invest $124.1 million to boost Australia’s research and industry capability in artificial intelligence, including a National Artificial Intelligence Centre led by CSIRO’s Data61.

Besides, AU$12.7 million has been committed to help small businesses adopt digital technologies, through the expansion of the Digital Solutions – Australian Small Business Advisory Service. Another AU$15.3 million will be spent to drive business uptake of e-invoicing, which is expected to deliver up to AU$28.2 billion in net benefits over 10 years.

Treasurer Josh Frydenberg said that the investment in emerging technologies, including artificial intelligence (AI), will help build a digitally enabled Australian workforce and small business community.

Commits AU$500 Million to Streamline Govt Services

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In a bid to make interaction with government more faster, the government has proposed to invest AU$200.1 million to enhance the myGov service and AU$301.8 million to create the next generation My Health Record system. The investment in these systems will make interactions with government easier through implementation of the Modernising Business Registers Program and next generation My Health Record system to support healthcare system.

Besides, the government has announced to invest AU$10.7 million to develop a new digital skills cadetship to meet the needs of the economy. The government has made budgetary allocation of AU$43.8 million to the Cyber Security Skills Partnership Innovation Fund. The fund will used to create a base of cyber security professionals who can meet growing demand for cyber jobs across the country.