Google, the world’s most valuable company, will invest $740 million in Australia

Google intends to invest A $1 billion ($740 million or £550 million) in Australia over the next five years. It’s the company’s biggest investment in the country so far.

According to Google, the funds will be used to construct a research centre, expand Google’s cloud computing capacity, and fund collaborations with local organisations. The Digital Future Initiative is estimated to generate 6,000 direct jobs and 28,000 indirect jobs.

“The decision by Google has huge benefits for Australian firms as we engage in the economic recovery ahead of us,” said Australian Prime Minister Scott Morrison, who was also present at the occasion.

The corporation will engage with local organisations, such as Australia’s science agency, the Commonwealth Scientific and Industrial Research Organisation, as part of the investment (CSIRO).

According to Joshua Kennedy-White of cyber investment firm DivisionX Global, Google’s move is a “major success” for Australian technology:

“It takes money to turn a concept into a product, and the initial sum is the most difficult to come by. If Google gave potential start-ups $250k checks, they could support 4,000 new digital companies in Australia,” he claimed.

Sydney’s bid to become the “Silicon Valley of the Southern Hemisphere” has received a huge boost with this announcement. Tech Central, a multi-billion dollar centre in central Sydney, is set to begin construction next year and will last until 2026.

Large technology corporations, on the other hand, have been chastised in Australia in recent months for failing to pay local news publishers for content that appears on their platforms. They’ve also been accused of facilitating the spread of fake news.

During a January hearing in Australia’s parliament, Google Australia’s Managing Director, Mel Silva, threatened to disable the company’s search engine in the country if it did not pay for content submitted on its websites.

The following month, Australia became the first country in the world to adopt legislation mandating Google and Facebook to pay for news content on their platforms.

There have also been efforts to limit Google’s search engine’s dominance in the country.

Last month, the head of Australia’s competition watchdog demanded that Google include a ‘choice screen’ on cellphones, allowing consumers to select a different search engine.