CANBERRA: The Australian Government is committed to fostering innovation in Australian businesses – and the FinTech industry is integral to this goal. Digital currencies and the technologies that underpin them have potential applications in many areas of the Australian economy.
The Government’s FinTech statement – Backing Australian FinTech – released on 21 March 2016, sets out a clear strategy and agenda for FinTech, based on the issues identified by the sector. The statement identifies priorities for the development of a strong and competitive FinTech industry. This includes the Government’s commitment to address the ‘double taxation’ of digital currencies under the goods and services tax (GST).
The FinTech statement builds on the announcement in February 2016 by the Prime Minister, the Hon Malcolm Turnbull MP, and the Treasurer, the Hon Scott Morrison MP, of the establishment of a FinTech Advisory Group to advise the Treasurer on issues important to Australia’s FinTech industry. The FinTech Advisory Group will identify areas of potential reform, including in relation to digital currencies, and ensure that the specific priorities of industry are considered in the implementation of government policies. As reflected in the responses to the recommendations of the Committee’s report, the Government intends to engage the FinTech Advisory Group in the development and implementation of its responses.
