Morrison sharpens blockchain, AI agenda

Australia’s open banking, blockchain and emerging fintech sector received a funding boost in last night’s Budget, a move the Treasurer said will increase competition and create new jobs.

Treasurer Scott Morrison said the funding boost will build on its Financial Technology Innovation initiatives first introduced in last year’s Budget.

In his Budget speech, Morrison said the Government is “moving forward with our Open Banking Regime and Consumer Data Right, giving small businesses and households more control, more choice and better deals.”

The Government will pour $45 million over four years to develop the Consumer Data Right, enabling consumers to share and use their data in a safer way. Data-driven competition and innovation will grow the economy, creating high-value jobs, Morrison said.

It will give consumers greater control of personal data and the choice to direct businesses to share consumers’ data safely with trusted recipients, who in turn will be able to offer better deals through innovative products and comparison services, he added.

The banking, energy and telecommunications sectors will be the first to test the Consumer Data Right and it will eventually be rolled out economy-wide.With respect to how the Government handles and uses the data it collects, Morrison said a National Data Commissioner will oversee the framework and use of data efficiently.

The Government also allocated $29.9 million to develop the nation’s artificial intelligence (AI) and machine learning capabilities.

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Source: Morrison sharpens blockchain, AI agenda | Financial Standard