Cybersecurity and the Australian Federal Budget 2022

Initial Thoughts

I commented in my corresponding post when last year’s budget was released that:

  • The amount allocated is not specific to cyber. In other words, based on previous spending patterns, very little of it will be incurred as a result of cybersecurity spend. That said, it’s better than nothing.

Spend

Here is a breakdown of the cybersecurity-related (including some relevant digital and STEM) items in the budget:

  • $1 billion via the Technology Investment Boost to help businesses with aggregated annual turnover less than $50 million support digital uptake, up to $100,000 of expenditure per year, by deducting a bonus 20 per cent of the cost of business expenses and depreciating assets. It will support investment in digital items such as cloud computing, cybersecurity, accounting and e-invoicing software, portable payment devices, and web page design. This will apply to eligible expenditure incurred between 7:30pm (AEDT) on 29 March 2022 (Budget night) and 30 June 2023.
  • $550 million via the Skills and Training Boost the help businesses with aggregated annual turnover less than $50 million, by deducting a bonus 20 per cent deduction for the cost of external training courses delivered to their employees by providers registered in Australia. This boost will apply to eligible expenditure incurred between Budget night and 30 June 2024.
  • $30.2 million to extend the whole of government cyber hubs pilot, including the establishment of a fourth Cyber Hub Pilot in the Australian Taxation Office.
  • $38.4 million over 3 years from 2022–23, and $12.6 million per year ongoing from 2025–26 to implement the Government’s response to the Inquiry into the Future Directions for the Consumer Data Right.
  • $3.9 million over two years from 2022–23 to support more women into digitally skilled roles. In partnership with industry, this initiative will provide mentoring and coaching to facilitate a mid-career transition into the tech workforce.
  • $2 million over four years to 2024–25 to fund the Superstars of STEM program, which is delivered by Science and Technology Australia to increase the visibility of women in STEM as role models and has supported 150 women to date.
  • $2.3 million over two years to 2025–26 for the Women in STEM Ambassador program, through which Professor Lisa Harvey-Smith has reached 121,916 unique participants through 370 hours of public engagements and outreach.
  • $2.4 million over four years to 2025–26 to fund the Future You awareness campaign, which provides an online platform that has reached 3.1 million children, parents and carers to raise awareness amongst children aged 8 to 12, as well as their parents and carers.

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Cyber Risk. Cybersecurity. Business. Tech. Entrepreneur. CEO at Avertro. Former CTO at McAfee Asia Pacific.

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Ian Yip

Ian Yip

Cyber Risk. Cybersecurity. Business. Tech. Entrepreneur. CEO at Avertro. Former CTO at McAfee Asia Pacific.