In April, the Innovation, Industry, Science and Resources Committee tabled its report for the Inquiry into impacts on local businesses in Australia from global internet-based competition.
Currently, internet commerce accounts for only a small proportion of the retail market in Australia, but this is growing rapidly. Australian businesses are experiencing greater competition as a result of this growth; however, like their overseas competition, Australian businesses are also using the internet to directly market and export their products internationally.
The Committee Chair, the Hon Barnaby Joyce MP, stated that ‘the Committee has recommended the creation of a digital grants program for small businesses. Online shopping is only going to continue to grow and disrupt trade in traditional bricks and mortar shops around the country.
‘It is vital that we support Australian businesses to invest in the digital technologies, while demonstrating advantages of the virtual marketplace based in regional areas where infrastructure like the NBN is available and overheads such as rent can be much cheaper, that will enable them to take advantage of internet retail opportunities.’
MTAiQ encourages members and clients to stay up-to-date and adapt to technological changes and consumer needs.
Read the Internet Competition Inquiry Report Here
Source: Parliament of Australia