Commonwealth turns to fintech and appoints advisory board


The federal government has released its statement on Australia's fintech future, saying that financial technology is transforming the nation's financial system, with the ability to revolutionise how consumers and businesses interact. "Australia already has a sophisticated, competitive, and profitable financial sector underpinned by a strong regulatory system," Morrison said. "As financial services become more globalised and technological disruption more relevant, we need to keep pace with innovation in banking and finance to stay competitive." As outlined in its statement, the government's actions include ensuring access to concessional tax treatment for venture capital investments in startup fintech firms, and commissioning the Productivity Commission to outline options to increase data availability and access to facilitate new products and better consumer outcomes. Morrison said the government also intends to take action to address the "double GST" treatment of digital currencies such as bictoin.

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