Australia continues to invest in its digital economy

The government allocated AUD30.2 million (USD21.9 million) in the 2022-23 budget to continue the cyber hubs trial, which began last July

As the global economy becomes increasingly interconnected, the online world is having a profound impact on the economic and social landscape in Australia. f11photo/Shutterstock

Australia’s future as a modern, leading digital economy in 2030 is outlined in the Digital Economy Strategy. This is built around three pillars: building the foundations to grow the digital economy; building capability in emerging technologies; and Setting Digital Growth Priorities to lift our ambition.

One of the primary goals of the Digital Economy Strategy is for Australian enterprises to be working at the digital frontier, which we can already see in several industries such as mining, agriculture, and health. A thriving digital technology industry will be required to achieve this goal, as it will provide the skills required to improve digital competence across the economy.

As the global economy becomes increasingly interconnected, the online world is having a profound impact on the economic and social landscape in Australia.

Business models are changing, as well as data transformation — all to deliver better outcomes to Australians.

An investment of AUD44 million (USD31.9 million) has been made by the Morrison Government to be used for the development of four AI and Digital Capability Centres. These are geared towards the commercialisation of Australia’s leading AI research and distributing it to both domestic and global markets. 

These will also give SMBs access to AI expertise required to adopt and implement AI solutions to help them grow and create more jobs.

“They will draw together industries, research institutions, innovation hubs, and businesses to create an ecosystem that drives innovation, commercialisation, and adoption of AI,” said Minister for Science and Technology Melissa Price.

“By requiring the Centres to focus on a priority area we can tailor the support for businesses to drive our manufacturing capability,” she added. 

More: Checking in on the current state of Australia’s data centre market

Over the next four years, the federal government will invest an additional AUD130.1 million (USD94.3 million) in its digital economy strategy, including AUD30 million (USD21.7 million) to continue network centralisation through cyber centers, according to iTnews.

This will be on top of the AUD1.2 billion (USD869.7 million) allocated in last year’s budget to assist Australia in becoming a top 10 data and digital economy by 2030.

The government allocated AUD30.2 million (USD21.9 million) in the 2022-23 budget to continue the cyber hubs trial, which began last July.

The Property Report editors wrote this article. For more information, email: [email protected].

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