Australian Opposition Party Assures Funding For Blockchain Technology, Provided They Win

By Rishma Banerjee

According to the reports published recently by tech news magazine ZDNet, on May 1, Australia’s main opposition party has promised to inject $3 million AUD ($2.1 million) into blockchain technology should it win next month’s federal election. They said that the Australian Labour Party, as part of its election pledges and their plans for the development of the country, will be diverting funds to establish a dedicated Blockchain Academy in the western city of Perth.

The publication quotes Ed Husic, the Shadow Minister for the Digital Economy saying,

The Liberal government has failed to tackle major tech skills shortages that are holding back Australian businesses… Labor wants to address this, investing in Australians to develop job skills that are in high demand now and into the future.

The current atmosphere reagrding the issue of blockchain technology in Australia is slightly lukewarm. While last month saw the announcement of a $100,000 AUD ($70,500) funding boost for the emerging sector, not everyone appears convinced of its worth as an investment goal.  Peter Alexander, the head of the government-run Digital Transformation Agency (DTA), said,

For every use of blockchain you would consider today, there is a better technology — alternate databases, secure connections, standardised API engagement.

The reporet also notes that should Labor secure power, the DTA would fall under its jurisdiction. Australian authorities, however, have maintained a strict stance on cryptocurrencies, and have announced that a policy of data collection from domestic exchanges will be established to go after individual traders with outstanding tax obligations. Will Day, the deputy commissioner at the Australian Tax Office, commented this week, when asked about this issue noted,

We want to help taxpayers to get it right and ensure they are paying the correct amount of tax.