Australia invests $68M on digital identity, blockchain projects

Australia invests $68M on digital identity, blockchain projects

The government of Australia plans on building a new space agency.

One of the initiatives for innovation trumpeted in the budget is effectively unfunded.

In a press release titled "Federal Budget provides little relief for Australia's motorists", the AAA went on the front foot, denouncing the government for allowing road infrastructure investment to decline "by nearly $2 billion over the forward estimates", relative to the forward estimates of the previous budget.

"This includes supercomputers, world-class satellite imagery, more accurate Global Positioning System across Australia, upgrading the Bureau of Meteorology's technology platform, a national space agency and leading research in artificial intelligence", Morrison said in his Budget 2018 speech. "The same month, Melbourne-based RMIT, a public research university, established a research center to study the 'social science" of blockchain technology after firmly pinning the decentralized tech to be "a core infrastructure for the digital economy".

The NPP was built by the Reserve Bank of Australia (RBA) alongside The Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac.

To enable improved access to digital economies the National Broadband Network is estimated to reach 75% rollout by end of 2018 and achieve completion by 2020.

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This includes increased support for major research organisations such as the Australian Research Council and CSIRO, among others. A cap of A$4 million will also be imposed on cash refunds. This will advance medical research, nanotechnology, mining, construction and urban planning with high-speed calculations.

Medical research has been given a boost with A$1.3 billion under the 21st Century Medical Industry Growth Plan for the progress of medical technology, biotechnology and pharmaceuticals while improving health outcomes for all Australians through investments in medical innovation.

$240 million for a Frontier Science program aiming to support innovative medical research, devices and treatments. 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.

It also includes 10-year investments of $248 million for rare cancers and diseases and $125 million for the Million Minds Mental Health Research Mission to support more research and better diagnosis and treatment of mental illness.

The road map pointed to the need to modernize the Australian Animal Health Laboratory in Geelong for its research supporting the livestock industry and for studies of emerging diseases that affect humans.

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. A$2.4 billion has also been set aside for investment in new medicine.

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