The Federal government has announced a further $1.2 billion investment into digital transformation initiatives as part of its 2021-2022 Budget. This builds on the $800 million committed in 2020-21 with Prime Minister Scott Morrison stating that “the digital economy is central to our Government’s economic plan”.
An additional $120 million in the 2021-2022 Budget will cover 13 deregulation measures requiring the use of RegTech (Regulatory Technology) which are intended to reduce the regulatory burden for businesses; make it easier for businesses to employ people and put in place foundations for future reform.
The funding builds on the previous Budget’s record-breaking funding aimed at increasing employment by simplifying business interaction with government. The 2020-21 Budget contained multiple initiatives with a RegTech element to support “a broader focus of decreasing the regulatory compliance burden on industry”.
RegTech utilises a range of current and emerging technologies, including cloud platforms, machine learning, natural language processing and artificial technology to assist business with regulatory compliance.