Tech Leaders React to 2024 Federal Budget: Mixed Responses and Calls for More Support for Startups

The startup sector put on a brave face following the 2024 federal budget announcement, with tech leaders expressing mixed reactions to the government’s priorities. While Labor focused on signature policies like Future Made in Australia and climate change initiatives, the tech industry felt overlooked in terms of direct investment.

Carolyn Breeze, CEO of Scalare Partners, expressed disappointment in the lack of meaningful investment in local technology development. She highlighted the disparity in funding between US Quantum Computing and local solutions, calling for more support for AI and other tech innovations.

Rehan D’Almeida, CEO of FinTech Australia, welcomed some measures benefiting fintechs but expressed concern over the decline in funding for the industry. He emphasized the need for ongoing support to maintain innovation and job creation.

Adam Milgrom, Partner at Giant Leap, noted the budget’s focus on health, climate, and education but highlighted the lack of direct support for startups. He called for strategic investments to ensure the startup ecosystem continues to thrive.

Sally Bruce, COO of Culture Amp, welcomed the new paid superannuation on parental leave measure, emphasizing its importance in supporting women’s economic participation. She highlighted the need for more specific support for female founders and founders from diverse backgrounds.

Overall, tech leaders acknowledged some positive initiatives in the budget but called for more targeted support for the startup sector to drive innovation and economic growth. The industry continues to advocate for policies that will enable local talent to thrive and compete on a global stage.