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Advancing Australia's blockchain industry

18 March 2019

Joint media release with the Minister for Trade, Tourism and Investment

The development of a national blockchain roadmap and $100,000 of funding from the Morrison Government will help position Australia’s burgeoning blockchain industry to become a global leader.

The roadmap will focus on a number of policy areas including regulation, skills and capacity building, innovation, investment, and international competitiveness and collaboration.

Minister for Industry, Science and Technology Karen Andrews said Australia needs to seize the opportunities presented by blockchain.

“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,” Minister Andrews said.

“We will work closely with blockchain and technology experts from industry and academia to develop the strategy, as well as with CSIRO’s Data61 to incorporate findings from their forthcoming future scenarios report on blockchain.

“In addition, $100,000 funding will come through my department for Australian companies to join Austrade’s Mission to Consensus in New York in May, a landmark event for the blockchain industry, demonstrating the Morrison Government’s commitment to boosting this sector.”

Minister for Trade, Tourism and Investment Simon Birmingham said Australia’s clear strength in the development of blockchain technology for business was already giving the nation a competitive edge across a wide range of industries including agriculture, fintech, resources and services.

“It is vital Australia and our tech companies stay ahead of the game in one of the world’s fastest growing technology sectors,” Minister Birmingham said. 

“Austrade’s upcoming mission will connect Australian blockchain companies and start-ups with investors and customers with a view to expanding their businesses globally.

“Consensus is the leading event for blockchain globally and will present significant opportunities for Australian tech companies to showcase their products on the world-stage.”

Previous investment by the Liberal National Government in blockchain technology includes $700,000 to the Digital Transformation Agency in 2018–19 to investigate the benefits of using blockchain for government payments, and $350,000 to Standards Australia to lead the development of international blockchain standards through the International Organization for Standardization.

The Coalition is committed to supporting innovation and technology, and promoting Australian talent through the $1 billion National Innovation and Science Agenda, as part of our job-creating plan to grow Australia’s economy. This plan for a stronger economy has already helped create over 1.25 million jobs since 2013.

Blockchain is a distributed ledger technology that records and verifies transactions within a computer network with potential applications for business and governments. It can assure and secure transactions, demonstrating usefulness across Australian industries including finance, legal, agriculture and supply chains.

Media contacts:

Minister Andrews' office 02 6277 7070

Minister Birmingham's office 02 6277 7420