Budget 2018 pulls Fintech startups back into radar

Off the back of last year's 2017-2018 federal budget announcement, there was a noted lack of focus on innovation or startups despite the Government has done a great deal to build high expectations. Last year budget's new taxation reforms was welcomed by the digital currency sector and it's plans to introduce Crowd Sourced Equity Funding is a big step forward for startups looking to raise crowdfunding.

This year... Australian Fintech will get a big boost

Funding measures in the budget FinTech Australia are welcoming:

• $29.9 million over four years to strengthen Australia's capacity in artificial intelligence and machine learning

• $100,000 to help promote Australia's fintech sector to the world. In addition, the government announced it would impose a $10,000 limit on cash payments to businesses from 1 July 2019, which has the potential to fintech innovation through the increased use of electronic payments technology

• $700,000 for the Digital Transformation Agency to investigate areas where blockchain technology could offer maximum value for government services

These are emerging and important technology sectors complementary to fintech innovation. Whilst so, the absence of a decision to expand Australia's fintech regulatory sandbox in the budget was a little let down.