Australian Government Budgets $500k for Blockchain Research

Australian Government Budgets $500k for Blockchain Research


Infrastructure spending emerged relatively unscathed from the federal government's 2018 budget announcement, with no explicit cuts but plenty of new spending to the tune of $24.5 billion as part of a 10-year, $75 billion infrastructure package.

ALC has also urged the government to establish a Freight Strategy and Planning Division within the Department of Infrastructure and a body to gather to gather and analyse data on supply chain performance. The AAA insists the government commit to a minimum sum of 50 per cent of fuel excise be reinvested in land transport infrastructure.

However, last night's budget announced that SBS will receive $14.6 million over two years. A$93 million will be used for Biomedtech programs and Industry Researcher Collaborations to increase biomedical research and strengthen links between Australian researchers and industry.

$248 million for research on rare cancers and diseases.

The DTA says that this project will be pilot tested by over 500,000 people through eight high-volume government service agencies over the next year.

"It really is time for the Turnbull Government to reflect the economic and cultural contribution our industry makes to Australia with a broader vision and some long-term, strategic policy initiatives that support its future growth".

Here are the national projects that are now underway.

A more direct innovation spend is the $29.9 million over four years allocated to improving capability in artificial intelligence and machine learning.

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But beyond building technical capabilities, this funding will also contribute to the development of standards and an AI ethics framework to identify future opportunities and help us navigate this courageous new world.

The survey of 3138 CIOs - including 113 in Australia and New Zealand - found adoption of distributed ledger technology to be nearly non-existent, although eight per cent indicated they were at a "pilot execution" stage.

$106 million over four years will be spent to modernise the systems and IT infrastructure that support the delivery of Medicare, the Pharmaceutical Benefits Scheme, aged care and related payments.

$26 million over four years to establish an Australian space agency, together with investment of $5 million per annum for three years to engage in worldwide space research projects and attract investment to Australia. According to the Budget papers, the centre will "enhance cyber security protection for the parliamentary computing network".

You can check out the full list of IT projects at iTnews.

The 2018 Federal Budget contains good news for Australian scientists and research institutions with welcome investments in critical national research infrastructure and medical research. A cap of A$4 million will also be imposed on cash refunds.

The Government said it would also support the growth of the fintech sector in Australia with a $100,000 investment to promote Australia as a financial technology destination, though funding for this will come from existing treasury department resources. The 2018 budget included cuts to research and development tax credits for businesses, accompanied by tightened restrictions for eligibility.

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