Fintech committee calls for industry submissions

The committee has called for further evidence in its investigation of longer-term issues, foreshadowed in its interim report it recently tabled.

It has published a second issues paper outlining the direction for the remainder of the inquiry, which has pointed to areas including the competitiveness of Australia’s corporate tax settings, research and development, the consumer data right and related issues, data standards and blockchain, and regulatory culture.

Committee chair, senator Andrew Bragg, said it is clear Australia needs to take a long term view of technology as a driver of future jobs and economic growth.

“Australia needs to move fast to remain globally competitive,” Mr Bragg said.

“In the context of COVID-19, rapidly increasing global digitisation and the decline of Hong Kong as a financial services hub, there are significant opportunities for Australia to seize.”

The committee is still considering tax, regulation, capital, culture and skills, as well as impacts and opportunities in response to COVID, as key to maintaining Australia’s competitive position.

Mr Bragg added the issues paper has canvassed how Australia’s tax and immigration systems can drive more capital and recruitment.

“Australia is hungry for the best people and capital but our laws must actively and aggressively promote these objectives,” he said.

“We must try new things, for example, we’re open to views on how to reduce effective rates of taxation to promote investment in technology.”

The new issues paper has also asked about global connectivity.

“For instance, we are seeking feedback on the progress of the FinTech Bridge between Australia and the UK,” Mr Bragg said.

Submissions will be open until 11 December.