The Digital Finance Cooperative Research Centre (DFCRC) last week launched a major new independent research report examining the economic potential of digital finance innovation in Australia.
Titled Unlocking Australia’s $24 Billion Digital Finance Opportunity: The Economic Impact Potential of Digital Finance Innovation in Australia, the report outlines the scale of opportunity available to Australia through the development and adoption of digital finance technologies, as well as the policy settings required to realise that potential.
The report was launched at an event attended by senior leaders from across the Australian Government, regulators, industry and the research sector. DFCRC Co-CEO Talis Putniņš presented the findings and outlined the implications for Australia’s digital finance ecosystem.
The research indicates that Australia could unlock up to $24 billion in annual economic value from digital finance innovation—equivalent to around 1 per cent of national GDP. However, without targeted policy action and coordinated industry effort, the report warns that Australia may capture only a small proportion of this opportunity.
On its current trajectory, Australia is projected to capture around $1 billion per year in digital finance-related economic gains by 2030, highlighting the gap between current progress and the sector’s full potential.
Drawing on Australian industry data and analysis of high-impact innovation areas, the report identifies three priority actions that could help unlock the broader economic benefits of digital finance innovation.
The event also featured remarks from Dr Ken Henry, Elizabeth Reed, Amy-Rose Goodey and Kate Cooper, who shared perspectives on the role of policy, regulation and industry collaboration in supporting Australia’s digital finance ecosystem.
The report was produced in collaboration with the Digital Economy Council of Australia (DECA), with financial support from OKX.
Access the report
Links to the full report and supporting materials are available via the DFCRC website.