Investment in Australian fintech hit US$656 million ($854.2 million) in 2016 across 25 deals, according to a survey.
In an announcement by the Federal Treasurer, Scott Morrison, an analysis by KPMG found the average growth rate of fintech was around 90 per cent over the four years to 2016.
This compared to the 47 per cent slide in fintech investment globally to US$24.7 billion in 2016.
“The Turnbull Government is keenly aware that the financial services sector plays a critical role in the Australian economy,” the announcement said.
Morrison noted the Government’s Fintech Advisory Group’s progress of the review of opportunities for blockchain, the examination of ways to improve data availability, and the introduction of the regulatory sandbox to support new entrants testing their financial services offerings.
“Whilst these measures have been successful and well received by industry, the Turnbull Government continues its fintech agenda by commencing work on an enhanced package of further reforms to be released and implemented this year,” he said.
“The Turnbull Government has announced its intention to stop the ‘double taxation’ of digital currencies under the GST [goods and services tax] regime and the development of legislation to extend the crowd-sourced equity funding framework to private companies.”
