New investments were initiated as part of the Australian federal budget 2022 for technology and digital services. With the judgment announcement, the government’s focus is on cyber security and the current geopolitical situation linked with cyber security. Additionally, technology investment will allow SMBs to strengthen their digital security and capability.
According to different sources, almost 77% of Australian companies faced a ransomware attack last year. One of the major reasons is not having adequate cyber security infrastructure. Mimecast has been strongly vocal about cyber resilience programs for business and even suggested one similar to the Medicare scheme.
Creation of Skilled jobs and path to employment
Besides easy and affordable access to cyber care for SMBs, schemes like these will create jobs and employment for cyber security students. With an investment of almost $9.9 billion in Australia’s offensive and defensive cyber security capabilities, the government described it as ‘’ the biggest investment ever in Australia’s intelligence and cyber security capabilities.
The government will allocate $1.3 billion for telecommunication in regional and rural areas, and $811.8 million for the Department of Infrastructure Transport and Regional development and communication. Furthermore, $480 million is allocation for upgrading wireless and satellite networks. While the Australian Competition and Consumer Commission award is $1.8 million.
Tax deduction on tech upgrades and digital skill training for SMEs
Australian companies that upgrade themselves with digital skills and equipment will receive $ 1.6 billion in tax relief. For small businesses, with $50 million in annual revenue. Also, a 20 per cent deduction of the cost of workplace expenses applicable.
According to the budget, a business can claim this ‘’bonus’’ deducts on expenses up to $100,000 per year. Josh Frydenberg said in his budget speech,’’ The package will help SMEs grow their capacities in cloud computing, e-invoicing and accounting, Treasurer.’’
It will come into effect at 7.30 pm but will extend until June 30, 2024.
