During Australia’s Blockchain Week 2024 in Sydney on June 11, Australian politician Andrew Charlton addressed a group of digital asset executives, highlighting the potential impact of blockchain technology on the economy. Charlton emphasized that Australia’s productivity growth, which was at a healthy 2.1% in the 2000s, is currently insufficient to support increases in living standards.
According to the Australia Productivity Commission, labor productivity in Australia only saw a modest 0.9% growth in the final quarter of 2023. Charlton, known for his pro-crypto stance, believes that blockchain adoption could inject new growth into the economy, akin to the transformative effect of technologies like air travel, automobiles, and the internet in previous generations.
He pointed out that blockchain has the unique ability to not only benefit its own industry but also others, such as healthcare, tax collection, real estate, and voting. By providing real-time tracking of products and streamlining financial transactions, blockchain has the potential to revolutionize various sectors.
Despite the promising prospects of blockchain, Charlton expressed disappointment in the slow progress of digital asset regulation in Australia. He stressed the importance of creating a regulatory framework that allows Australian businesses to hold digital assets securely, similar to traditional assets.
Charlton urged the Australian government to address the tech skills shortage in the country to attract more digital asset startups. He cited examples of other countries like Singapore, Europe, Hong Kong, and the UAE that have taken proactive steps to drive digital asset innovation through new legislation.
With the possibility of Australia becoming a leader in responsible digital asset innovation, Charlton emphasized the need for swift action to capitalize on this opportunity. He underscored the importance of passing crypto-specific laws to facilitate the growth of the industry and enhance Australia’s position in the global digital asset landscape.