![Data is at the heart of today’s government services. This is reflected in the federal government’s Data and Digital Government Strategy (the Strategy), which highlights its goal to use data, analytics, and technology to deliver simple, accessible services for people and businesses by 2030. As noted in the strategy, Australians expect personalised, integrated, and easy-to-use services from government entities they engage with. Such personalisation, especially across digital channels, is heavily dependent on data. Delivering such services becomes more effective when the data is more accurate and up-to-date. This is where real-time data comes into play. Why? Real-time data is more accurate because it is always up-to-date. This, in turn, improves the customer experience by enabling services to be more dynamic and interactive. However, because batch processing still accounts for the majority of data processing in government ranks, even the most recent data may become outdated when used to deliver government services. Engage with data in motion Batch processing is when the processing and analysis happen on a set of data that has already been stored for a period of time. This may be days, weeks, or even months, which just doesn't cut it for delivering dynamic and interactive citizen services. In recent years, data streaming has emerged as the technology that allows organizations to tap into their data in real-time in order to improve citizen engagement and experience. Event streaming, another name for data streaming, describes the continuous flow of data as it occurs. This enables true real-time processing and analysis for immediate insights. Streaming data distinguishes itself from batch processing by delivering the most up-to-date information when required. Apache Kafka, one of the most successful open source projects, is used by over 70% of Fortune 500 companies today and is well recognised as the de facto standard for data streaming. The open-source nature of Kafka lowered the entry barrier for working with streaming data, allowing companies to easily build use cases and solutions. However, as with all open-source software, there are limitations. Companies often end up spending more to efficiently manage, scale, secure, and evolve the streaming infrastructure. Why are we still using batch processing if data streaming is the future? Batch processing is still simpler to implement than stream processing, and successfully moving from batch to streaming requires a significant change to a team’s habits and processes, as well as a meaningful upfront investment. That is why Confluent has rearchitected Kafka to create a complete platform that provides a fully managed, cloud-native data streaming solution with the ability to turn data events into outcomes, enable real-time apps, and empower teams and systems to act on data instantly. Personalised for the people Confluent’s ability to utilise data as a continually updating stream of events rather than discrete snapshots means that public sector organisations can leverage data streaming to improve citizen engagement by offering personalised, data-driven services and insights. Confluent’s data streaming platform also enables real-time monitoring and analysis of government services and infrastructure, allowing public sector entities to quickly respond to critical events such as natural disasters or public health emergencies. At a more mundane level, Confluent supports data sharing and collaboration among government agencies, facilitating the seamless exchange of information to serve the public better and optimise resource allocation. And, importantly for government organisations, Confluent’s data streaming capabilities can enhance cyber security by detecting and mitigating threats in real time and safeguarding sensitive government data—a critical element in maintaining our national security. Indeed, 53% of Australian businesses surveyed in a recent Confluent study cited security and compliance awareness as the most applicable use cases for data streaming. It should come as little surprise, then, that industry analyst firm Forrester views Confluent as “an excellent fit for organisations that need to support a high-performance, scalable, multi-cloud data pipeline with extreme resilience.” Streamlining service improvement Data streaming is driving greater efficiency in more than three of four companies across Asia Pacific, according to Confluent research. Meanwhile, 65% of IT leaders polled see significant or emerging product and service benefits from data streaming. With this in mind, the potential for the government to do more with its data is clear, and personalisation is top of mind. Personalising citizen service experiences requires knowing who a customer is at any given moment. This is made possible by accessing data in motion, especially across multiple touchpoints. At the very least, this can help citizens avoid having to provide the same information over and over again as they interact with government agencies. And now, with Confluent assessed under the Australian Information Security Registered Assessors Programme (IRAP), government agencies with an Information Security Manual PROTECTED level requirement can use Confluent Cloud across Amazon Web Services (AWS), Google Cloud, and Microsoft Azure. Australian government agencies will then be able to gather and share data across departments, offices, and agencies securely and at scale. This means even more government agencies will be able to tap data in motion to integrate information across their applications and systems in real time and reinvent employee and citizen experiences for the better.](https://publicspectrum.co/wp-content/uploads/2024/05/Confluent-Advertorial.png)
The banking sector in Australia is currently under intense scrutiny, with the ‘Big’Four’—Westpac, NAB, CBA, and ANZ—dominating the industry. More and more people are seeking alternatives to these banking giants. Traditional banking practices are no longer meeting the changing needs of consumers, according to a report by ARR News. There is currently an intense debate surrounding the potential establishment of a publicly owned bank in Australia, which could have a profound impact on the banking industry.
The closure of bank branches in regional areas has become a pressing problem in Australia’s banking industry, as identified through recent Senate enquiries. Many people are concerned about the availability of essential financial services in rural and remote areas due to the closures. A report by the Daily Mail points out the negative effects of the closure trend on local economic stability and community access to essential banking facilities.
This trend is limiting people’s ability to carry out daily transactions and plan their finances effectively. Multiple factors have led to the closures, such as the growing popularity of digital banking, major banks’ cost-cutting measures, and consumers’ shifting preferences for online banking solutions. This trend has significantly impacted vulnerable demographics, including elderly residents and small businesses, who heavily rely on local banking services for their financial operations.
The closures have wide-ranging implications that extend beyond mere inconvenience, posing significant risks to regional economies and social cohesion. Financial exclusion in remote areas is worsening because of limited access to credit facilities, mortgage services, and financial advice. These communities are facing the challenge of not being able to easily obtain the financial resources they need.
Experts cited by Yahoo Finance have proposed the establishment of a publicly owned national bank, according to advocates. This proposal aims to tackle the dominant power held by private banking institutions. Advocates contend that a national bank would improve the availability of banking services, particularly in areas with limited access. The Reserve Bank of Australia (RBA) is currently Australia’s central bank and is responsible for issuing banknotes.
The Reserve Bank assumed this responsibility on 14 January, 1960, following the transfer of central banking functions from the Commonwealth Bank, as mandated by the Reserve Bank Act of 1959. The bank’s main goal is to control inflation levels, aiming for a target range of 2–3%. The bank achieves this by managing the unemployment rate through the ‘non-accelerating inflation rate of unemployment’ (NAIRU) concept and adjusting the official cash rate accordingly.
The proposal for a National Bank aims to prioritise using the bank’s monetary and banking policies for the benefit of the Australian population. To achieve this, government consultations and Reserve Bank Board input are crucial. By utilising its powers, the Reserve Bank can play a crucial role in maintaining the stability of Australia’s currency, promoting full employment, and fostering economic prosperity and welfare for the people of Australia.
The Reserve Bank of Australia is currently investigating central bank digital currencies (CBDCs), which have the potential to lay a strong foundation for the effectiveness of a national bank. These initiatives align with the ongoing global trend towards digital financial innovation. From an economic standpoint, it is critical to consider the potential impact of a national bank on balancing the power of private banking institutions.
Increased accessibility to banking services could be a potential outcome, particularly in regions that currently lack sufficient access. It is critical to analyse CBDCs, as they have the potential to revolutionise financial transactions by making them more inclusive and streamlined. Establishing a framework that ensures the stability and integrity of the proposed national bank requires careful attention to regulatory considerations.
There is a need to establish policies and procedures that align with current financial regulations while also considering the possibility of new regulations. In March 2020, the Australian government implemented an enhanced regulatory impact analysis framework. The framework aims to provide decision-makers with the essential evidence to make well-informed decisions that will bolster the economy.
GT Law offers important legal insights that emphasise the essential regulatory framework for a publicly owned banking institution. The framework must comply with current financial regulations and also adapt to the unique challenges and opportunities of a publicly owned bank. The Asian Development Bank has published economic assessments that shed light on the potential economic effects of various banking models.
Potential outcomes include increased competition in the banking industry, expanded financial access for individuals, and the potential for more efficient and secure digital currency transactions. Furthermore, industry reports suggest that the establishment of a publicly owned bank could help reduce the dominant control exerted by Australia’s ‘big four’ banks. Increased competition in the banking industry may bring about better services and lower costs for consumers.
Regional Australia could experience a significant transformation with the establishment of a publicly owned bank. An initiative has been proposed to help establish community bank branches in regional, rural, and remote areas of Australia, guaranteeing access to in-person banking services. This initiative has the potential to boost economic growth, create more jobs, and strengthen the development of infrastructure and essential services.
There has been a significant increase in the number of people relocating from different parts of the country, resulting in noticeable changes in regional Australia’s population. Expanding communities can benefit from a publicly owned bank that provides convenient and customised banking services to meet their specific financial needs.
Furthermore, the creation of a publicly owned bank could potentially offer a solution to tackle the dominant control exerted by Australia’s major banks. Consumers may benefit from improved services and reduced costs as competition in the banking industry continues to grow. Establishing a publicly owned bank in regional Australia has the potential to bring about significant changes. It has the potential to stimulate economic activity, improve access to banking services, and increase competition in the banking sector.
Australia’s financial landscape is undergoing significant changes, with a growing emphasis on digital finance and the emergence of challenges in regional banking. As a result, the concept of a publicly owned bank has become a focal point of discussion. Stakeholders are currently involved in discussions regarding the feasibility and regulatory aspects of this initiative, taking into account the ongoing economic reforms. Many people view the proposal for a publicly owned bank as a potential solution to tackle the challenges faced by regional banking and the growing popularity of cashless transactions.
Regional Australia, especially in areas with limited banking services, could greatly benefit from this initiative. Stakeholders continue to debate the practicality and regulatory implications of establishing a publicly owned bank. The outcome of these discussions could have a significant impact on the future of banking in Australia. A publicly owned bank has the potential to reshape the banking sector by offering a counterbalance to the dominance of Australia’s big four banks. However, careful planning and execution are necessary for this venture, considering the economic, regulatory, and technological factors involved.
Justin Lavadia is a content producer and editor at Public Spectrum with a diverse writing background spanning various niches and formats. With a wealth of experience, he brings clarity and concise communication to digital content. His expertise lies in crafting engaging content and delivering impactful narratives that resonate with readers.