Grant Thornton's FinTech Centre of Excellence applauds our new PM for taking a positive stand on innovation only 1 week into his reign. This bodes well for the thriving fintech community. But.... with ASIC seeking to increase regulatory costs and an ever increasing tidal wave of regulation from both ASIC and APRA, will the government bureaucracy continue to drive innovation offshore to more welcoming jurisdictions?
Mr Turnbull revealed former Minister for Education and Training Christopher Pyne would become the new Minister for Industry, Innovation and Science.Mr Pyne will be supported in the role by Wyatt Roy, as Assistant Minister for Innovation.Mr Turnbull said Mr Pyne would be at the centre of one of the government's "most important agendas"."We must be more innovative. We have to work more agilely, more innovatively, [and] we have to be more nimble in the way we seize the enormous opportunities that are presented to us," Mr Turnbull said."We're not seeking to proof ourselves against the future. We are seeking to embrace it. And this is a government and a ministry that has that as its focus. Christopher's department will .focus on .... supporting start-ups and bringing together innovation initiatives right across government."