Invest
Fintech industry dealt ‘grim outcome’ in pre-election budget
Key stakeholders within the fintech space have bemoaned Tuesday evening’s pre-election budget announce, saying it was a missed opportunity for the industry.
Fintech industry dealt ‘grim outcome’ in pre-election budget
Key stakeholders within the fintech space have bemoaned Tuesday evening’s pre-election budget announce, saying it was a missed opportunity for the industry.
FinTech Australia CEO Andrew Porter called the budget announce “a grim outcome” for the sector.
“After years of close work with the federal government it's a shame to see that the fintech industry failed to have really any of its key matters addressed in this budget,” Mr Porter said.
The closest we came was a $38 million commitment to the rollout of the CDR [consumer data right] - $12.5 million per year till 2026.”
A particular note of concern by industry figures related to no government response to the “tech talent shortage” in Australia, which Mr Porter said will see the sector “shrink and job growth will slow”.
Zai CEO Paul Byrne agreed, saying a lack of recognition by government makes any hiring plans in Australia difficult in the short term.
“At this rate, we and other ambitious fintech businesses will be forced to seek out talent in other countries, which is a shame given our Australian foundations and the opportunity for Australia to be a global fintech leader,” Mr Byrne said.
“We would like to see more be done to develop a larger hiring pool of Australian-based tech talent. Whether this is through overseas campaigns encouraging tech workers to relocate or expats to return. It’s pleasing to see more being done to train tech talent at a TAFE and University level, but like most fast-growing businesses, we need to hire now, not in two years' time.
CEO of Kanopi, Nigel Freeman, said the issue is the “one problem that the federal government can easily solve” for the sector and can be achieved by streamlining the skilled visa process for tech workers.
While there were some visa changes announced in the pre-election budget, Mr Freeman said the tech sector “did not get a look in”.
“I’s a shame as it leaves startups in a holding pattern until more local talent is trained -- which could take years,” he said.
“Some startups simply won’t have the capital to hold out of it, so there is a real risk that a lack of action will cost future jobs.”
RELATED ARTICLES
About the author
About the author
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
