The Tech Council of Australia has welcomed the Federal Government’s investment in the On Farm Connectivity Program (OFCP), which assists primary producers to take advantage of digital agribusiness solutions.
Tech Council CEO Damian Kassabgi said facilitating innovation and tech adoption in a critical industry such as agriculture will drive efficiencies that will benefit the wider economy.
“There are exciting advancements and solutions in agtech that can save farmers time and money so they can produce more with less while maintaining the high quality that Australia’s agricultural industry is well-known for,” he said.
“Great ideas come from everywhere, and we want businesses across the nation, whether you’re in Surry Hills or Smithton, to have the infrastructure that allows you to uplift your research and development and tech adoption investment,” he added. “By boosting connectivity, we can lift tech adoption across rural and regional Australia, which will contribute to a more resilient and sustainable agricultural sector.”
Australia has 2.5% of the world’s ag and food tech startups, almost double the country’s share of global GDP. Listed Australian tech companies in agtech and food tech grew by 134 between 2016 and 2021 – 3.8 times faster than the average growth rate across all other tech segments.
“We punch above our weight in ag and food tech, and they are fast-growing segments in Australia,” Kassabgi said. “We have the potential to leverage our strengths in tech and agriculture to be globally competitive in agtech, but increasing investment in research and development and tech adoption is essential to making that happen. Setting a tech investment target would help drive coordinated action between government and industry on these kinds of initiatives.”
