The federal government is reducing the regulatory compliance burden on Australian businesses, and has challenged the RegTech sector to help develop innovative solutions that can cut costs and streamline workflows.
Under the Business Research and Innovation Initiative (BRII), Australian start-ups and small and medium businesses can submit proposals for ideas that address regulatory challenges.
Successful applicants will receive grants of up to $100,000 to develop their ideas and test feasibility over three months.
Minister for Industry, Science and Technology, Christian Porter, said the most successful of these ideas may be eligible for a grant of up to $1 million to develop a prototype or proof of concept over a maximum of 15 months.
“Australia’s strong regulatory environment is designed to keep our workplaces safe, our products high quality, and help consumers get what they pay for,” Porter said.
“But the downside to having that important safety net is the compliance burden it imposes on businesses.
“With this $10 million round, we’re looking for innovative regulatory technologies to reduce that burden in four key areas, while keeping Australian standards at world’s best levels.”
The four key challenge areas are:
- Using technology to identify and assess potential poor disclosure by listed companies.
- Using technology for remote and automated monitoring of export livestock health and welfare.
- Using technology for a streamlined path to marine autonomous systems assurance.
- Using technology for real-time and accurate asbestos testing.
Assistant Minister to the Prime Minister and Cabinet Ben Morton said the four BRII challenges were strongly aligned with the government’s Deregulation Agenda.
“Efficient regulation isn’t a set and forget exercise – it’s an ongoing process of improvement and modern technologies have a huge potential to replace or streamline existing administration processes, while also helping to reduce compliance costs for business,” Morton said.
“Applications for this grant round close on 3 June 2021 and I would encourage anyone with a good idea to apply in order to see whether it’s worthy of funding and can potentially be turned into a highly useful tool for Australian businesses.”
To date, the BRII program has provided 73 grants, totalling more than $20 million in funding.