February 22, 2024

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Australian Budget: Major Funding Boost for Tech Capabilities

In its Budget for October 2022–23, the Australian government has set aside funding for initiatives aimed at strengthening Australia’s strategic capabilities, including in digital technologies. This funding aims to create significant investment opportunities across several critical sectors, including resources, renewables, low-emission, and critical technologies.

Boosting Australia’s key capabilities

The Government has committed significant funds to boost Australia’s capabilities in critical sectors. These include:

  • AU$15 billion for the National Reconstruction Fund (NRF): The Government has committed an initial AU$50 million over 2 years to establish the NRF. The NRF will support co-investments in various sectors over 7 years. These include investments in resources; agriculture, forestry and fisheries; transport; medical science; renewables and low-emission technologies; and defence. The NRF will start from 2023–24.
  • AU$141.1 million over 10 years to establish carbon capture technologies for net zero and negative emissions.
  • AU$13.5 million to strengthen policy capability to identify and support critical and emerging technologies.
  • AU$20 billion to upgrade Australia’s electricity grid to connect with renewable energy sources.

Enhancing network connectivity

The Budget has also earmarked major funding to improve network connectivity across Australia. The funds include:

  • AU$2.4 billion for the National Broadband Network (NBN), expanding full-fibre access to 1.5 million premises by 2025. This will deliver a faster and more reliable network to advance Australia’s digital economy, businesses, and communities.
  • AU$1.2 billion for the Better Connectivity for Regional and Rural Australia Plan. This includes $400 million for mobile base stations and $200 million for the Regional Connectivity Program.

Strengthening cyber security and bolstering quantum technology

The government prioritises cyber security. To this end, the Budget includes AU$31.3 million for Cyber Hubs to strengthen the Government’s cyber resilience and security capabilities. The Government has also set aside AU$4.8 million over 4 years to bolster the development of quantum technology. This includes funding for 20 PhD scholarships and collaboration by universities.

Updated market projections released by CSIRO, Australia’s national science agency, have shown that quantum technology is forecast to reach AU$6 billion and generate more than 19,000 jobs in Australia by 2045.

CSIRO’s original Growing Australia’s Quantum Technology Industry Roadmap has been updated two years on and reflects the growth trajectory of quantum technology across the report’s three key domains of quantum computing, sensing and measurement, and communications.

The new report provides conservative estimates and refinements of the original modelling and extends the forecast from 2040 to 2045 while affirming the economic results from the earlier report.

A Senior Economist at CSIRO stated that the updated figures reflected recent domestic and global developments in quantum technology opportunities. He noted that CSIRO’s updated modelling reaffirms that quantum technology continues to be a significant opportunity for Australia in the years to come.

While uncertainty remains regarding how quantum technology will be commercialised both around the world and domestically, the start-up funding and investment in quantum is encouraging, he added.

Key updated figures from the economic modelling show that by 2030, Australia’s quantum technology opportunity in revenue terms could conservatively reach AU$2.2 billion and could generate 8,700 jobs. In five years, this could rise to reach AU$3.3 billion by 2035, and then reach AU$4.6 billion by 2040.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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