During Australia’s Blockchain Week 2024 in Sydney, politician Andrew Charlton shared his vision of how blockchain technology could inject $60 billion into the economy and reverse three decades of sluggish productivity growth. Charlton emphasized that while Australia experienced a healthy 2.1% productivity growth in the 2000s, the current rate is insufficient to support an increase in living standards.
Highlighting the importance of productivity growth for higher wages and living standards, Charlton advocated for increased adoption of blockchain technology in the country. He pointed out that Australia’s labor productivity only grew by 0.9% in the final quarter of 2023, according to the Productivity Commission.
Charlton, known as a pro-crypto politician in Australia, compared the potential impact of blockchain technology on the economy to past innovations like air travel, automobiles, and the internet. He noted that blockchain has the unique ability to enhance various industries, such as healthcare, tax collection, real estate, and voting. Additionally, blockchain can optimize supply chains by enabling real-time tracking and delivery of products while streamlining financial transactions by reducing intermediaries and transaction times.
Despite recognizing blockchain’s potential, Charlton expressed disappointment in the Australian government’s slow progress in developing digital asset regulation. He urged for the implementation of a regulatory framework that would allow Australian businesses to hold digital assets similar to traditional assets, emphasizing the opportunity for Australia to lead responsible digital asset innovation.
Comparing Australia’s progress to countries like Singapore, Europe, Hong Kong, and the UK, Charlton called for addressing the tech skills shortage to attract more digital asset startups to the nation. He emphasized the need for proactive measures to capitalize on the potential of blockchain technology and position Australia as a leader in responsible digital asset innovation.