In addition to that, the government has created the federal fund of AUD 100,000, approximately Dollars 71,000.
Karen Andrews, Australia's Minister for Industry, Science and Technology, has recently announced through a press release that the current Australian administration - the Morrison Government - will help to boost blockchain technology by laying the required foundations to write a national blockchain roadmap and donate AU$100,000 ($71K) towards advancing its usage within the public sector.
Adding to this, she said the Australian government will be working closely with blockchain and technology experts to develop a sound strategy while also collaborating with CSIRO's Data61 to incorporate findings from their upcoming future scenarios report on blockchain.
However, this latest funding is arguably not anywhere as important as the Australian government's renewed commitment to developing blockchain technology and regulations.
Australia's government has committed AU$100,000 (US$71,139) funding for a blockchain industry trade mission to CoinDesk's Consensus event in May.
In their announcement, the two ministers detail Australia's goal to become a leader in the nascent blockchain industry by focusing its research and development on "regulation, skills and capacity building, innovation, investment, and global competitiveness and collaboration".
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The Australian government has already invested AUD 700,000 (around $500,000) in the Digital Transformation Agency in 2018-19 to investigate the benefits of using blockchain for government payments, and further AUD 350,000 (almost 250,000) in Standards Australia to lead the development of global blockchain standards through the worldwide Organization for Standardization, according to the press release.
Interestingly, this is not the first time that the Australian government is investing in the development of blockchain technology. Previously the government had invested approximately $500,000 in the Digital Transformation Agency in 2018-19.
In July 2018, IBM also signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other technologies to improve data security and automation across federal departments.
Previous investment by the federal government in blockchain technology includes $700,000 to the Digital Transformation Agency in 2018-19 to investigate the benefits of using blockchain for government payments, and $350,000 to Standards Australia to lead the development of global blockchain standards through the worldwide Organisation for Standardisation. She says "I want Australia to lead the world when it comes to blockchain technology".