Digital assets could add $40 billion a year to Australian GDP: Tech Council report

A clear and principles-based regulatory approach for the digital asset industry could be a huge boon for the Australian economy according to the report.

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According to a new report, up to $40 billion a year (A$60 billion) could be added to Australia's national GDP with the right regulatory framework and could result in huge savings for consumers and businesses.

The November 29 report on Australia's digital assets was commissioned by the Tech Council of Australia (TCA), one of the country's tech industry advocacy groups, and authored by the consulting firm Accenture technology, which described a number of potential benefits of growth. of the digital asset industry in Australia could deliver, stating:

"Digital Assets (DAs) have the potential to transform our lives by offering significant time and cost savings to individuals and businesses"

The report estimates that digital assets — such as cryptocurrencies, stablecoins, tokens, and central bank digital currencies (CBDCs) — could lead to an "80% reduction in retail payment costs by 2030", saving Australian businesses 200 million hours per year in automating tax compliance and administration, and an additional 400,000 hours spent preparing documents for business loans.

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Potential economic and social benefits of the australian dollar digital asset industry. Source: Australia Digital Assets Report 2022.

It also indicates potential consumer savings of almost $2.7 billion per year (AUD $4 billion), or $107 (Australian $160) per person, if they use digital assets for international transactions while suggesting that instant settlement of trade transactions could be hugely beneficial for the 4,000 businesses that fail each year due to security issues. cash.

Decentralized Autonomous Organizations (DAOs) are mentioned in the report as a way to build public trust by making “automated and transparent” decisions, transactions and procedures, with all members of the organization. .