Australia could unlock $19 billion a year, about 1% of the nation’s GDP, by embracing digital finance innovation, according to new research launched this week by the Digital Finance Cooperative Research Centre (DFCRC). The headline figure forms part of the first-stage findings in The Economic Impact Potential of Digital Finance Innovation in Australia, with the full report expected this November.
Launched at the Australian Digital Economy Conference on the Gold Coast, the research was developed in collaboration with the Digital Economy Council of Australia (DECA) and shows how digitising markets and streamlining cross-border payments could shake up the Australian economy, with foreign exchange, investment funds, and private credit topping the charts.
Two key areas, markets and cross-border payments, alone could generate $7.2B and $11.4B per year in economic benefits, respectively. Foreign exchange stood out as the single biggest opportunity, with a potential annual gain of $7.2 billion, followed by private/public credit ($3.6B combined), private equity ($1.2B), and investment funds ($1.0B).
On its current course, according to DFCRC Chief Scientist Tālis Putniņš, Australia is only going to capture approximately $1.8B of those gains by 2030.
“Australia isn’t currently on track to realise even half of the potential economic gains by 2030.”
“But the good news is that we’re at a key fork in the road… by working together, and at pace, we can make Australia a digital finance leader.”
The report calls for regulatory reform, innovation-friendly policy settings, and most importantly, industry-wide collaboration to speed up adoption. DECA CEO Amy-Rose Goodey echoed that sentiment, noting that this kind of “robust, evidence-based economic analysis” has already made its way into government policy conversations.
“This lays the groundwork for more informed, coordinated decisions as we shape the next chapter of Australia’s digital economy.”
The findings underscore a clear message: Australia is sitting on a significant economic opportunity. With the right combination of regulatory reform, industry collaboration, and strategic investment, digital finance could serve as a powerful engine for national growth. The question now is whether Australia will act swiftly enough to realise its full potential.
