As we reflect on 2024, the TCA has driven significant progress across the tech sector, shaping policies and fostering innovation. From influencing R&D reforms and AI regulation to championing diversity and enhancing cybersecurity, our efforts have laid a robust foundation for Australia’s digital future. This year, we’ve seen the potential for tech investment to inject $167 billion into Australia’s GDP by 2035, underscoring the critical role of innovation in our economy. Through strategic partnerships, legislative advocacy, and industry initiatives, we’ve positioned Australia to harness the immense opportunities of the tech revolution, setting the stage for continued growth and global competitiveness in 2025 and beyond. Join us as we explore the key milestones that have defined 2024 at the TCA.
1. Focus on tech investment and driving R&D Reform
The Tech Council’s research revealed that boosting R&D and tech adoption could inject a staggering $167 billion into Australia’s GDP by 2035. This was partnered with news of the appointment of TCA Board Chair Robyn Denholm to spearhead an independent review of Australia’s R&D system, aiming to revolutionise innovation and productivity. Meanwhile, our advocacy successfully halted the overhaul of the Sophisticated Investor Test, preserving a crucial pathway for tech investment.
2. Shaping the future of AI regulation and investment
The TCA’s influence shaped the Federal Government’s approach to AI regulation, reflected in the paper “Introducing Mandatory Guardrails for AI in High-Risk Settings” and the Voluntary AI Safety Standard. Our advocacy for a risk-based approach bore fruit, with government adopting mandatory safeguards for high-risk AI applications, plus our recommendation to conduct targeted review and reform, establish an expert advisory body, and the recent announcement of a National AI Capability Plan to grow investment and boost AI skills
3. Reshaping Merger Laws
The TCA’s advocacy significantly shaped proposed amendments to the Competition and Consumer Act with respect to merger reforms. Our efforts led to improved certainty in the merger review process, and the removal of market concentration thresholds and changes to serial acquisition assessments, creating a more favourable environment for tech startups and investors. While welcoming these improvements, we will continue to address concerns about over-capture, potential delays in the merger review process and ensuring effective implementation of the reforms for the sector.
4. Enhancing Consumer Protection
The TCA has been instrumental in shaping updates to the Australian Consumer Law (ACL) across a range of areas including in relation to AI, scams, and unfair trading practices. Consumer protection has been a key focus of government, and we are continuing to shape key reforms impacting the tech sector. Our submissions emphasised protecting consumers by targeting specific harms, while maintaining innovation-friendly regulations that encourage technological progress.
5. Forging State Partnerships
Our collaboration with state governments has yielded significant outcomes across Australia, particularly in NSW, WA, and Queensland. We played a key role in shaping the 10-year Science and Technology Program in WA, are continuing to shape the development of the Innovation Blueprint in close collaboration with the NSW Government, as well as efforts focused on enhancing the tech ecosystem through improved access to capital and aligning university curricula with industry needs in QLD.
6. Strengthening National Cybersecurity
The TCA’s influence was evident in shaping Australia’s new cybersecurity laws, including the Cyber Security Bill 2024, the Security of Critical Infrastructure and Other Legislation Amendment (Enhanced Response and Prevention) Bill 2024, and the Intelligence Services and Other Legislation Amendment (Cyber Security) Bill 2024. Our recommendations were reflected in interoperability on mandatory security standards, aligning the 72-hour notification thresholds for ransomware reporting and affirming the role of the National Cyber Security Coordinator within legislation. We ensured cyber legislation enhanced national resilience while addressing business concerns on the need to simplify the legislative landscape for cyber reporting. We have also expanded our national security work, led by our new National Security Adviser, Adam, who will chair the National Security Working Group in 2025.
7. Championing Diversity Through the T-EDI Standards
The TCA partnered with Project F to launch the T-EDI standards, an evidence-based framework to boost equity, diversity, and inclusion in tech. This certification system enables companies to assess and improve their equity performance, aiming to significantly increase women’s representation in the sector from its current 28%, creating inclusive workplaces and supporting Australia’s goal of 1.2 million tech jobs by 2030.
8. Rethinking Government Procurement
The TCA has advocated for changes to federal government procurement, making a submission and appearing at a hearing for the Sovereign Tech Inquiry. The TCA has advocated for levelling the playing field for tech SMEs to engage in government procurement, ensuring that government and the public get the benefit of innovative products and services. The TCA has also strongly advocated for the creation of new pathways into procurement opportunities, especially for tech companies developing innovative solutions.
9. Modernising Privacy Laws
The TCA contributed to the Privacy Act Reform Bill, advocating for updates to strengthen digital trust. While supporting the first tranche of reforms, we highlighted critical gaps, such as the absence of controller/processor distinctions and the importance of international interoperability. We also urged further consultation on automated decision-making and serious harm thresholds, aiming to narrow the scope of the proposed tort for serious privacy invasions.
10. Global Tech Diplomacy
The TCA’s successful trade missions to Silicon Valley and India have opened new avenues for collaboration and showcased Australian innovation on the global stage. Collaborating with AmCham Australia, we co-led the Innovation Mission to Silicon Valley and Austin, Texas. In November, the TCA joined Austrade for the DigiTech Mission to India, visiting Bengaluru and Chennai. These missions have laid a robust foundation for enhanced bilateral partnerships and tech trade opportunities in 2025.
