5 things you need to know in Australian tech today

Huzzah, let’s celebrate the end of the working week with these tech stories.

1. Australia’s rank in the innovation world has slipped. Cornell University and United Nations’ World Intellectual Property Organisation released their annual Global Innovation Index overnight, which showed Australia dropped down from 19th to 23rd this year. Singapore and South Korea topped the rankings from our region, while Switzerland led the world for the 7th consecutive year. Read more on what Australia’s strengths and weaknesses are.

2. The Victorian government is set to build a fintech hub in Melbourne’s Docklands precinct. Docklands Goods Shed already hosts CSIRO’s Data61 cyber security and innovation hub, Oxford University Global Cyber Security Capacity Center and the Oceania Cyber Security Center. But the state’s innovation minister wants a fintech presence to better compete with Sydney, which has a leg-up in that area. Read more about the plans here.

3. Technology and internet of things is bringing the price of everything down, and not in a good way. Macquarie research has told of how advancing technologies and low rates could force many economies to implode. Read more on the scary scenario here.

4. The Queensland government has been ordered to pay Telstra $17 million. iTnews reports a judge ruled in Telstra’s favour in its dispute against the government on rents paid for mobile towers on crown land. The rental formula that the government used for telcos was different to the recipe used for other commercial entities, resulting in Telstra’s accusation that it was discriminatory.

5. A South Korean startup only hires people over the age of 55, to prove a point about the futility of age discrimination. EverYoung now has 420 seniors from a variety of vocational backgrounds working at its Seoul office. Read more here.

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