New Research Highlights $19 Billion Economic Opportunity Through Digital Finance Innovation

We are pleased to share new research that reveals the economic impact of digital finance innovation in Australia.

The Digital Finance CRC (DFCRC), in collaboration with the Digital Economy Council of Australia and sponsored by OKX, has released new research showing that up to AU $19 billion per year, or around 1 percent of GDP, could be unlocked through digital finance innovation in markets and cross border payments.

This first stage of the research is part of The Economic Impact Potential of Digital Finance Innovation in Australia Report, to be released at the end of the year.

Key insights from the first release include:

• Up to AU $19 billion per year in potential economic uplift through digital finance innovation in markets and cross-border payments
• Foreign exchange identified as the single largest opportunity (AU $7.2B per year)
• On the current trajectory, only AU $1.8 billion per year of these gains are expected to materialise by 2030
• The report highlights the opportunity to accelerate adoption through a combination of innovation-enabling regulatory and policy initiatives and greater industry-wide collaboration.

The message is clear. Australia has a real opportunity to lead. Realising it will require clarity, coordination and regulatory settings that enable innovation.

We look forward to working with regulators, government and industry to help unlock this potential and shape the next chapter of Australia’s digital economy. 

ENDS

MEDIA CONTACT: 

Amy-Rose Goodey
CEO
Digital Economy Council of Australia (DECA)
amy-rose@deca.org.au