Australia commits A$1.2 billion to spur digital economy

The Australian government is setting aside A$1.2 billion (US$0.94 billion) to invest in the infrastructure and incentives to grow the country’s digital economy, which it believes is key to securing the nation’s economic future from the pandemic. 

“The Digital Economy Strategy targets investments that will underpin improvements in jobs, productivity and make Australia’s economy more resilient,” it said in a written document, published ahead of the Federal budget which will take place on May 11. 

Of the total budgeted, there will be over A$100 million (US$78.4 million) made available to support digital skills, scholarships for emerging tech graduates and investments in the digital workforce.

“Our Digital Economy Strategy will allow Australian businesses to capitalise on the opportunities that digital technologies are creating. Greater digital adoption will improve our competitiveness and lift our productivity – driving job creation and higher wages,” said Treasurer Josh Frydenberg.

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To support the digitisation of SMEs across Australia, the government has also set aside A$15.3 million (US$12 million) to drive the business update of electronic invoicing. 

“Every business in Australia is now a digital business… this transformation is not merely a national one that needs to happen – it’s a global one that is happening,” said Prime Minister Scott Morrison.