Australia pumps A$252.5 million into digital economy

Australia is pumping an additional A$252.5 million (US$183 million) into the economy, in a bid to achieve its aim for the country to be a leading digital economy and society by 2030. 

The government plans to outline a regulatory framework for evolving payments and crypto-ecosystems to spur competition, ensure appropriate consumer protection and provide certainty for companies looking to invest in related sectors. 

It will invest some A$160.9 million (US$116.5 million) in a Digital Identity System to improve online access to government services and payments, reports IT Pro. A$2.8 million (US$2.03 million) will also be provided to the data.gov.au website to improve public access to government data.

Besides that, the government also has plans to consult with industry, as well as the education and training sectors on ways to meet the country’s digital needs. 

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Meanwhile, some A$22.6 million (US$16.36 million) has been earmarked for the second round of the Australian 5G Innovation Initiative. In May, the government spent A$1.2 billion (US$0.87 billion) in line with efforts to transform the country’s digital economy.