The Federal Government will commit $44.6 million from the 2018 Budget to establish a Consumer Data Right (CDR) framework, expected to fast-track the rollout of open banking.

The Australian Federal Treasury (AFT) will team up with a research unit from the Commonwealth Scientific and Industrial Research Organisation (CSIRO) in an effort to better understand the innovation of bitcoin.

New funding brings the focus back to Australia's fintech future.

The fintech sector is set to receive the boost it needs, following the release of the Federal Budget under which $200,000 will be allocated towards promoting Australian financial technology.