Treasurer Jim Chalmers handed down the 2024-25 Budget on 14 May revealing many key investments for agencies in cyber security and technology improvements.
The introduction of the Future Made in Australia Act and further funding to drive the adoption of a Digital ID system were some of the key highlights.
The Future Made in Australia Innovation Fund will attract $1.7 billion in funding over 10 years for investment in innovation, science and digital capabilities, set to impact various industries.
Services Australia attracted $2.8 billion over five years to improve its service delivery with $580.3 million going towards its myGov platform.
While $288.1 million over four years will be injected to help deliver a Digital ID system. A majority of this will go towards the ATO to help improve MyGov ID credentials.
Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC) received $206.4 million towards improving data and cyber security. A further $160.7 million was also slated for NDIS cyber upgrades.
To help block and identify suspicious activity in real time, the ATO will receive $78.7 million for upgrades to its information and communications systems.
The Department of Parliamentary Services will also receive $12.8 million over four years to enhance information technology to support productivity and cyber security.
$196.8 million over three years will be put towards supporting the safe collection and storage of Census data.
“The long-term commitments made in this budget reflect the reality that securing our nation’s information assets is an ongoing program and not a one-off project,” Auscert general manager Dr Ivano Bongiovanni said.
“With online fraud and identity theft a major issue for every citizen, the commitment to a Digital ID will boost protection for consumers and make it harder for criminals to commit identity-based crimes.”
$39 million will go towards the safer use of artificial intelligence (AI) and responsible adoption with $2.6 million over three years aimed at national security risks related to AI.
$21.6 million over four years will be placed into a ‘reshaped’ National AI centre along with $15.7 million slated for developing AI policies and reviewing existing regulations in copyright law, consumer and health care.
$448.7 million over 11 years will go towards the next generation of the Landsat Satellite program in partnership with the US called Landsat Next.
$466.4 million was also marked for equity grants and loans for PsiQuantum to build a fault tolerant quantum computer.
$68 million has also been put towards supporting First Nations digital inclusion, building remote community WiFi and improving digital literacy. Diversity in STEM was also brought to light, which attracted $38.2 million for a myriad of programs.
The small business $20,000 instant asset write off has been extended by 12 months to 30 June 2025.
The Australian Information Industry Association acknowledged some of the budget outcomes, but at the same time, expressed disappointment with the inadequate allocation of funds towards critical technologies, particularly artificial intelligence.
The AIIA drew comparisons to countries like Canada and Singapore which committed $2.7 billion and $5 billion in their budgets towards advancing AI, noting Australia’s allocation of $39.9 million over five years was “negligible in comparison and not one dollar is allocated to industry for growing Australian capability.”
“The persistent pattern of insufficient investments and slow adoption of transformative technologies threatens to keep Australia trailing behind its international counterparts. As other nations forge ahead in the AI race, Australia risks becoming increasingly uncompetitive and unproductive,” AIIA CEO Simon Bush said.
