The federal government has for the first time defined an ‘Australian business’ for procurement purposes as part of a multi-year project to extract more benefits from its $80 billion annual spend.
About 20 per cent of the federal procurement spend goes to the technology sector, and Australian suppliers and advocates on Wednesday welcomed the new definition and guidance as a key step for competition and building up domestic capabilities.
The definition – which includes minimum Australian ownership requirements, tax residency and principal place of business in Australia – arrives with fresh guidance for government agencies on the retained economic benefit of going local.
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Excellent development. Now to get buyers to adhere to it
Great article.