During Australia’s Blockchain Week 2024 in Sydney on June 11, Australian politician Andrew Charlton delivered a compelling message to a group of digital asset executives. He emphasized that blockchain technology has the potential to inject $60 billion into the economy and reverse three decades of sluggish productivity growth.
Charlton highlighted that Australia’s productivity growth peaked at 2.1% during the 2000s, but it has since declined to a level that cannot sustain improvements in living standards. He stressed the importance of productivity growth for higher wages and living standards, making a strong case for increased adoption of blockchain technology in the country.
According to Australia’s Productivity Commission, labor productivity in Australia only increased by 0.9% in the final quarter of 2023. Charlton, known as a pro-crypto politician, believes that blockchain has the potential to drive economic growth in Australia, similar to the impact of air travel, automobiles, silicon chips, and the internet in previous generations.
He highlighted the versatility of blockchain technology, noting its potential applications in healthcare record management, tax collection, real estate, voting, supply chain management, and financial transactions. Charlton expressed disappointment in the slow progress of the Australian government in developing digital asset regulations, emphasizing the need for the country to seize the opportunity to lead responsible digital asset innovation.
Despite Australia’s lack of specific crypto laws, Charlton hopes for the implementation of a regulatory framework that would allow Australian businesses to hold digital assets as they do traditional assets. He believes that Australia has the potential to be a leader in responsible digital asset innovation if the right regulatory environment is established.
Charlton urged the Australian government to address the tech skills shortage in the country to attract more digital asset startups. He pointed out that countries like Singapore, Europe, Hong Kong, and the UK have been proactive in implementing legislation to drive digital asset innovation in financial services.
In conclusion, Charlton emphasized the importance of Australia seizing the opportunity to become a leader in responsible digital asset innovation by implementing necessary regulations and addressing skill shortages in the tech sector.