The Australian government has released its annual budget report for 2018-19. Funds have been earmarked for blockchain research alongside broader digital initiatives.
The treasurer and the minister of finance for the Commonwealth of Australia handed down the island nation's national budget for 2018-19[1] yesterday, May 8.
Four papers were released pertaining to budgetary concerns alongside a transcript of the treasurer's related speech[2], corresponding ministerial statements, [3]and other associated documentation. [4] [5]
Budget Paper No. 1[6], titled Budget Strategy and Outlook, provides supplementary information pertaining to the Treasurer's speech. No. 2[7], Budget Measures, ensures that the broader series of Budget Papers is comprehensive in its information for all government decisions involving revenue or expense changes. No.3[8], Federal Financial Relations, presents an overview of the commonwealth's financial relations with state and territorial governments in Australia. No. 4[9], Agency Resourcing, sets out departmental funding for various agencies and administrations, providing a "full allocation of resources across government."
While all four papers deal at length with digital aspects and implications of Australia's economy papers, the second and fourth specifically mention blockchain technology.
Budget Measures notes, "The Government will provide $0.7 million [AUD] in 2018-19 for the Digital Transformation Agency[10] (DTA) to investigate areas where blockchain technology could offer the most value for Government services."
Agency Resourcing states, "This will build on the work of Data61[11], the Australian Security and Investments Commission Digital Finance Advisory Committee and the Treasurer's FinTech Advisory Group, to explore the use of innovative technology to minimise transaction costs, streamline processes and improve government services."
The DTA will use the earmarked $700,000 AUD to investigate blockchain applications
