On 18 March 2021 the Senate agreed: 

That the resolution of appointment of the Select Committee on Financial Technology and Regulatory Technology be amended as follows:

  1. The committee be called the Select Committee on Australia as a Technology and Financial Centre.
  2. The following additional matters be referred to the committee:
    1. the size and scope of the opportunity for Australian consumers and business from Australia growing into a stronger technology and finance centre;
    2. the flow-on employment and economic benefits which accrue to finance and technology centres;
    3. barriers to the uptake of new technologies in the financial sector;
    4. new opportunities for Australia as a technology and finance centre arising from the COVID-19 pandemic;
    5. benchmarking of comparable global regimes with Australia;
    6. the impact of corporate law restraining new investment in Australia;
    7. the policy environment facing neo-banks;
    8. opportunities and risks in the digital asset and cryptocurrency sector; and
    9. any related matters.
  3. That the committee present its final report on or before 30 October 2021.

In the second phase of the inquiry, the committee has examined further issues affecting the sector, leading it to make a number of recommendations. For this second interim report, the committee has again categorised its work across the key areas of: tax settings; regulatory issues; access to capital; and skills and culture. This report also includes a standalone chapter on blockchain and digital assets, which is an area that will be of continued focus for the remainder of the committee's inquiry.

Following this second interim report, the committee will undertake the final phase of its deliberations, which will focus on developing Australia as a technology and financial Centre. Particular areas of focus will be:

  • further work on the regulatory framework for blockchain technology, cryptocurrencies and digital assets;

  • the policy environment for neobanks in Australia;

  • instances of corporate law holding back investment; and

  • options to replace the Offshore Banking Unit.1

This second interim report makes 23 recommendations across the committee's areas of focus. These recommendations will strengthen the regulatory environment for FinTechs and innovative businesses in Australia more broadly.

Related Information

Select Committee on Financial Technology and Regulatory Technology: first inter…

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