31 Jul DFCRC’s submission to the Government’s Economic Reform Roundtable
The Digital Finance Co-operative Research Centre (DFCRC) was pleased to make a submission to the Government’s Economic Reform Roundtable.
Our submission recommended five key practical, budget-positive steps to significantly improve Australia’s productivity and economic resilience by modernising the financial system.
The submission highlights our estimate that upgrading Australia’s financial market infrastructure through digital finance could deliver economic gains of approximately $19 billion per year, equivalent to around 1% of GDP each year – a direct contribution to national productivity.
The five practical, budget-positive steps we recommend in our submission include:
- Implement digital financial infrastructure
- Reform financial market infrastructure licensing
- Competition and innovation mandate and national priority
- Update the Corporations Act
- A next-generation regulatory sandbox with glide path.
Due to document length restrictions we were unable to go into detail on the recommendations, however DFCRC welcomes the opportunity to discuss these proposals further.