Thursday, 20 September 2018
Joint Standing Committee on Trade and Investment Growth; Report
On behalf of the Joint Standing Committee on Trade and Investment Growth, I present the committee's report entitled Trade and the digital economy, together with minutes of the proceedings.
Report made a parliamentary paper in accordance with standing order 39(e).
by leave—Digital technology has changed how trade occurs, and it is vital that Australian trade systems keep up with how businesses actually trade today. The Joint Standing Committee on Trade and Investment Growth undertook this inquiry to find out how well Australia is adapting to the digital era. During this inquiry we heard some of the great opportunities that the digital economy offers to Australian businesses, as well as some of the challenges that the government will face. Businesses will be able to reach entire new markets for their products and services. New business models are being created all the time. The trade system will be improved and streamlined for both traders and government. Trade will become more efficient and barriers will be removed. However, there are challenges too, including cyberthreats. Too many organisations have not paid enough attention to building their cybersecurity and resilience. This is true for both business and government. Much greater awareness of the task and solutions is required. Australia is doing a good job, in some respects, of working with the trading partners and the international organisations to build agreements and systems.