Budget 2022-2023 ignores tech, innovation: BizPay CEO
Following the budget announcement last night, David Price (pictured), Global CEO of BizPay, is disappointed that the budget has overlooked technology and innovation.
The 2021-2022 budget highlighted the need for continued tech investment, but the 2022-2023 budget does not show a long-term interest in the industry. Australia has great potential to be a tech powerhouse, but without government support into innovation, the country is at risk of stagnation.
Price stated, “Recognising the importance of technological innovation for a strong and steady economy, the 2021-2022 budget promised an increased investment and commitment to Australia’s technology sector and start-ups. This year’s budget needed to reaffirm that commitment because Australian businesses will be left behind without a constant push and prioritisation on investment. The Australian government needs to throw more support behind research, development, and innovation so that businesses can invest in new technology and embrace the digital frontier. As a starting point, we encourage the growth of digital skills and incentivisations for start-ups to begin a long-term commitment to innovation.
“Strong tech talent is pivotal in the fintech sector, and we’ve not yet found a globally competitive answer to the problem. It’s great to see some progress from both sides of the political fence, but we still have a long way to go to deliver the talent we need today, let alone drive the growth the industry wants to achieve over the next five years.
“Australia has the potential for a booming fintech sector, but we need to create an environment that cultivates and promotes talent.
The Bizpay CEO ended with, “There are three key areas that we’d like to see the government commit to growing, in order to adequately address the need for tech talent. These areas are programs that address the lack of diversity, particularly that of women in finance; mid-career support so our companies can retain talent within Australia; and a push acknowledging the need for skilled migration in the field. The answer to the talent shortage is turning attention away from a sole focus on the entry-level barriers, toward a full-career view.”
