Select Committee on Financial Technology and Regulatory Technology

September 2020

© Commonwealth of Australia 2020
ISBN: 978-1-76093-108-7

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Committee Members

List of Recommendations

Chair's Foreword

Executive Summary

  COVID-19 issues
  Tax issues
  Regulation
  Access to Capital
  Culture
  Skills and talent

Abbreviations list

Chapter 1—Introduction and background

  Introduction
  Background

Chapter 2—Responding to COVID-19

  Key impacts and opportunities arising from COVID-19
  Technology enablers during the pandemic crisis and recovery period

Chapter 3—Tax Issues

  Overview of business taxation in Australia
  R&D tax incentive
  Payroll tax
  Employee Share Schemes
  Tax treatment of Initial Coin Offerings

Chapter 4—Regulation Issues

  Overview of Australia's regulatory environment for FinTechs
  Regulation of competition, innovation and global competitiveness in financial services
  Access to the New Payments Platform
  Blockchain and distributed ledger technologies
  Foreign exchange pricing and transparency

Chapter 5—Regulation issues - Consumer Data Right

  Implementation of Open Banking
  Expansion of the Consumer Data Right to other sectors
  Governance arrangements for the Consumer Data Right

Chapter 6—Access to Capital

  Support measures relating to COVID-19
  Refinements to ESVCLP and ESIC incentives
  Collaboration between large and small businesses
  Encourage superannuation funds to invest more broadly
  Consideration of national interest issues in relation to investment capital

Chapter 7—Issues relating to Culture and Skills

  Culture
  Skills

Chapter 8—Conclusion and recommendations

  COVID-19 recovery measures (Chapter 2)
  Tax issues (Chapter 3)
  Regulation issues (Chapter 4)
  Refine and expand the Consumer Data Right (Chapter 5)
  Access to Capital (Chapter 6)
  Culture (Chapter 7)
  Skills and training (Chapter 7)

Dissenting Report from Labor Senators

Additional Comments from Senator Scarr

Appendix 1—Submissions, Additional information and Answers to questions on notice

Appendix 2—Public hearings and witnesses

Committee Secretariat contact:

Department of the Senate
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: 02 6277 3535
Fax: 02 6277 5818
fintech.sen@aph.gov.au