This paper aims to evaluate strengths and challenges and identify trends in agrifood supply chain traceability. Key objectives were to identify applications, platforms and systems that support industry in traceability and compliance activities and outline the challenges and opportunities in their adoption and potential for cross-commodity/sector deployment.
The authors confirmed the regulatory requirements related to traceability that apply to Agrifood products in key export commodity groups and domestic supply and reviewed the current literature; interviews were conducted with regulators, industry peak bodies, rural research and development corporations, and solution providers.
RegTech in Australian agriculture is rapidly evolving, offering innovative solutions to address the complex regulatory challenges facing the sector. While there are challenges related to cost, digital infrastructure, and regulatory fragmentation, the benefits of improved compliance, efficiency, and sustainability are evident. As Australia’s agricultural sector continues to focus on sustainability, global trade, and food security, the role of RegTech will become increasingly important in driving the industry forward. Co-investment in incubators and accelerators that operate to develop industry-level solutions, is likely to drive greater standardisation and support maturity and longevity of regtech solutions that service agrifood supply chain businesses.
History
Pagination
1-80
Language
English
Research statement
Background
This report was prepared as part of a national grant from the Department of Agriculture, Fisheries and Forestry Traceability RegTech Uplift grants. The grant program is part of the National Agricultural Traceability Strategy 2023-2033.
It aims to provide a context for understanding the progress, potential and challenges experienced in evolving the regulatory framework and compliance response to take advantage of digital technologies in creating more efficient regulation of traceable Agrifood products.
Contribution
RegTech in Australian agriculture is rapidly evolving, offering innovative solutions to address the complex regulatory challenges facing the sector. While there are challenges related to cost, digital infrastructure, and regulatory fragmentation, the benefits of improved compliance, efficiency, and sustainability are evident. As Australia’s agricultural sector continues to focus on sustainability, global trade, and food security, the role of RegTech will become increasingly important in driving the industry forward. Co-investment in incubators and accelerators that operate to develop industry-level solutions, is likely to drive greater standardisation and su
Significance
The paper is significant in that it draws on interviews from regulators, the regulated and the solution providers creating digital bridges between the two. Much of Regtech innovation relates to financial transactions. This paper shows that scope is now being extended to food safety, biosecurity, cross-border trade and risk mitigation in our food systems.
Publication classification
A6 Research report/technical paper
Editor/Contributor(s)
Mclean P
Publisher
Deakin University
Place of publication
Geelong, Vic.
Source
Trace-2-Place Project, Agribusiness Connect, Australia