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The 2021-2022 Federal Budget contained a few exciting announcements for Digital Service Providers (DSPs) around the digital economy, e-invoicing, cyber security, CDR and deregulation. This included a $1.2 billion investment in the government's digital economy strategy and $134.6 million going towards deregulation measures

Budget at a glance for DSPs

  • $111.3 million to accelerate the roll out of the Consumer Data Right (CDR) across the economy
  • $15.3 million to drive business uptake of e-invoicing
  • $200.1 to enhance the myGov service
  • $134 million over four years on the deregulation agenda
  • $10 million over four years to implement regulatory technology solutions to assist employers to interpret and comply with modern awards, and to explore new ways of assisting employers through regulatory technology. This includes $5.2 million to the Fair Work Commission and $4.8 million to the Attorney-General's Department
  • $10 million over four years to modernise business communications by amending legislation in the Treasury Portfolio to be technology neutral
  • $16 million to ensure the effective implementation of the payment times reporting scheme
  • $2.6 million over four years to support and strengthen SME participation in procurement
  • $42.2 million over two years to secure critical infrastructure
  • $100 million in initiatives to build digital skills of Australians
  • $12.7 million to expand the Australian Small Business Advisory Service Digital Solutions program
  • $43.8 million to expand the Cyber Security Skills Partnership Innovation Fund
  • $1.8 million over two years to deliver a National Data Security Action Plan 
  • Developing and delivering an Australian Data Strategy by late 2021

Continue reading for more information about the digital economy strategy and deregulation measures.

Read more about the budget measures relating to the ATO here


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