Australian-Owned Cyber Security: The Key to Our Economic Future

In today's world, where cyber threats are becoming increasingly sophisticated, Australia stands at a critical crossroads. Our cyber security sector, which contributed an estimated AU$6.9 billion to the nation's GDP in 2023, is not just an economic engine but a vital safeguard of our sovereignty. With over 315 cyber security companies operating across the country, employing nearly 126,000 Australians, it's clear that this sector is not only a source of innovation but also a critical pillar of our economy.

Yet, despite this growth, there's a glaring issue that we must address head-on: the need to prioritize and support Australian-owned cyber security companies. These businesses are the backbone of our digital defense, and it's time we recognize their importance and ensure they have the support they need to thrive.

Jobs and Economic Growth: The Lifeblood of Our Nation

Australian-owned cyber security companies are a powerhouse of job creation. With a workforce that has grown by over 9.5% in the past year alone, these businesses provide high-paying, stable jobs that contribute to the strength of our economy. The average salary for cyber security professionals in Australia is over AU$123,000, a testament to the high skill levels and value these roles bring to our society.

But the impact of these jobs extends beyond the individual. Every dollar earned by a cyber security professional circulates through the economy, supporting local businesses and driving further economic growth. When we support Australian-owned companies, we are not just creating jobs; we are building a stronger, more resilient economy that benefits all Australians.

Sovereignty and Trust: Keeping Australia Safe from Foreign Influence

In an era where data is the new gold, the security of that data is paramount. Australian businesses and government agencies handle some of the most sensitive information imaginable—from national security details to personal health records. Entrusting this information to foreign-owned companies, many of which may not have Australia's best interests at heart, is a risk we cannot afford to take.

Australian-owned cyber security firms understand the unique challenges and threats that face our nation. They are invested in our safety and prosperity, not just their bottom line. When we choose to support these companies, we are choosing to keep our data—and our nation—safe from foreign influence.

Innovation: Driving the Future of Cyber Security

Australia has a proud history of innovation, and our cyber security sector is no exception. From developing cutting-edge threat detection systems to pioneering new approaches to data protection, Australian companies are at the forefront of the global cyber security landscape. However, this innovation is at risk if we continue to prioritize foreign ventures over homegrown talent.

The current funding strategies, which heavily favor offshore ventures, are shortsighted and detrimental to our long-term security. It's time for a rethink. Premier Chris Minns and Prime Minister Anthony Albanese must recognize the critical importance of supporting Australian sovereign cyber security. By reallocating innovation funds to support local development and cyber/AI innovation, we can ensure that Australia remains a global leader in cyber security.

Breaking Down Barriers: Moving Beyond Exclusionary Panel Practices

One of the biggest obstacles facing Australian-owned cyber security companies is the exclusionary panel practices currently in place. These practices often favor larger, foreign-owned firms with the resources to navigate complex government procurement processes. This not only stifles competition but also shuts out innovative Australian companies that could provide superior solutions.

It's time to break down these barriers and level the playing field. State and federal governments must move beyond these exclusionary practices and focus on supporting Australian-owned businesses. By doing so, we can foster a more competitive, innovative, and secure cyber security sector that benefits all Australians.

A Call to Action: Supporting Australian Cyber Security

The message is clear: Australian-owned cyber security companies are vital to our nation's future. They create jobs, drive innovation, and protect our sovereignty. But to fully realize their potential, they need our support.

Premier Chris Minns and Prime Minister Anthony Albanese, the time to act is now. We call on you to change the game and make a firm commitment to supporting Australian cyber security. This means rethinking innovation funding strategies, breaking down exclusionary practices, and prioritizing the procurement of Australian cyber security products and services.

Australia's cyber security sector is at a pivotal moment. With the right support, we can build a stronger, safer, and more prosperous nation. Let's make sure that support goes to Australian-owned companies that have our best interests at heart.

The future of Australia's cyber security—and indeed, our national security—depends on the choices we make today. By supporting Australian-owned businesses, we are investing in our economy, our sovereignty, and our future. It's time to stand up for Australian cyber security and ensure that we are prepared for the challenges that lie ahead.