TCA disappointed in no specific tech sector investment in Budget
The Tech Council of Australia (TCA) supports a range of initiatives announced in the Budget to grow skills, and to support the development of energy technology to advance Australia’s economic growth.
However, the TCA stated that they’re disappointed that no explicit tech sector investment was included in the package of budget measures. This is a missed opportunity to build national competitiveness – at a time of domestic productivity decline, and of critical global trade volatility.
The TCA will continue to engage with the Government to ensure that technology investment sits front-and-centre of its 2025 election platform. Technology investment complements the Government’s Future Made In Australia (FMIA), training and education programs, which reflect a welcome focus on building sovereign industry capability.
The TCA will encourage the Government and the Opposition to formalise their support of their Tech Investment Target: to expand both R&D investment and technology adoption to comprise 4.6% of Australia’s share of GDP within the next decade. There are several Budget measures – including training and business cost-relief – that contribute to this goal.
The TCA have stated that they look to further announcements in election platforms that will help achieve their shared goal to secure Australia’s global tech competitiveness – and support the growing tech workforce and investment base.
Similarly, the TCA welcome the Government’s commitment to drive innovation in the renewable energy transition, which includes a $2 billion investment through the Clean Energy Finance Corporation. This aligns with the mission of the Consumer Energy Tech Alliance (CETA) which is to expand Australian-grown technology solutions for grid orchestration – empowering consumers to optimise energy use through behind-the-meter solutions and reduce energy bills. The TCA have stated that they will continue to engage with all sides of Parliament to ensure that consumer energy resources are a focus of the next term, particularly from a regulatory perspective.
Finally, the TCA said that they look forward to working with the Government as they await details on announced changes to non-compete clauses and how these may impact tech businesses.
