Senator's fintech dream full of 'unicorns'

Parliament’s ongoing inquiry into the financial and regulatory technology sector has made a bid for tax breaks in the federal budget and the breeding of more unicorns.

Australia’s future as a technology and financial centre is still up for grabs, according to a second interim report tabled on Wednesday afternoon.

But promoting Australia as a destination for international talent and capital, backed by a visa fast lane, will have to wait.

What was meant to be a one-year financial and regulatory technology inquiry had its deadline, focus and reach up-ended and expanded by COVID-19.

Making a bid for attention in the upcoming budget, committee chair Liberal Andrew Bragg has added another 23 recommendations to 32 made last year in the first interim report.

He hopes to breed more so-called unicorns, which are private start-up companies worth over $1 billion.

“Australia has developed into a leading fintech jurisdiction,” Senator Bragg said.

“This can be measured on the more than half a dozen unicorns and the offshore listings Australia now hosts.”

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Source: Senator’s fintech dream full of ‘unicorns’ | The West Australian