Australia’s biggest banks are joining forces to help local AI startups win more business from Australian companies.
The Big Four banks and Cuscal will anchor a new program that puts Australian AI developers in front of major financial institutions, giving them a chance to pitch their technology to potential customers.
The Buy Australian AI Partnership Program, developed by investment catalyst Stone and Chalk, is designed to tackle a major problem for Australia’s AI industry: local startups may have strong technology, but struggle to get their products through the doors of large enterprises.
Over eight weeks, participating startups and scaleups will learn how big organisations assess and buy AI technology, while gaining access to enterprise leaders, industry experts and capability-building workshops.
They will also receive help refining their commercial pitches and navigating procurement processes.
The aim is to make it easier for Australian businesses to buy Australian AI, rather than defaulting to major overseas providers.
The program’s first tranche will focus on financial services, with additional support from the Gradient Institute on issues including responsible AI.
The initiative has been endorsed by the federal government and its National AI Centre.
“As the importance of [AI] grows, we need to ensure Australia is a creator and not just a renter of AI,” Assistant Minister for Science, Technology and the Digital Economy Dr Andrew Charlton said, noting that with over 1,500 AI companies, Australia’s AI industry is in a “sliding doors moment.”
“Australian AI companies are already building world-class technology [but] the challenge is getting in front of the organisations that can buy their products,” he said, noting that the new program “will help connect innovative Australian AI companies with major buyers.”
The partnership “gives Australian AI companies direct exposure to enterprise expectations, while helping organisations better understand the capability available locally to help more of them grow, scale, and succeed,” said National AI Centre executive director Lee Hickin.
Building an Australian AI industry
The benefits of a strong posture in the AI market have not been lost on industry and government, with Deputy Prime Minister Richard Marles calling AI’s rise “a moment of historic consequence” at the launch of last year’s 2025 ACS Australia’s Digital Pulse report.
Overseas companies such as OpenAI, Anthropic and Google dominate the AI market, and analysts have warned that Australian businesses are often adopting their technology without giving local developers the same opportunity.
That could make it harder for Australia to build a genuinely sovereign AI industry.
Austrade’s latest Industry Capability Report for AI flagged $115 billion in potential AI-related economic value by 2030, noting that Australia’s “comprehensive technical strengths across the broad spectrum of core AI technologies… demonstrate excellence through real-world systems.”
“With deep technical expertise, proven sectoral applications, and strong regulatory and investment foundations, Australia is well placed to compete in global AI markets,” Austrade found, calling Australia “a partner of choice for international businesses seeking high performance, responsible AI solutions.”
Westpac chief AI officer Dan Jermyn said helping Australian AI companies turn their technology into successful businesses would benefit the broader economy.
“AI is one of the most significant technology shifts of our time and has the potential to drive productivity, improve businesses performance and contribute to economic growth across Australia,” he said Dan Jermyn.
“If we can help more Australian innovators turn great ideas into successful businesses, that’s good for the economy, good for our customers and good for Australia’s prosperity.”
Australia’s AI identity still a work in progress
The Australian AI Partnership, Charlton said, directly supports the federal government’s National AI Plan, which lays out a vision for AI in Australia noted for its light-touch approach – and lands amidst ongoing uncertainty around the very sovereign AI infrastructure that it’s meant to promote.
Weeks after announcing proactive national standards for AI data centres that have been slammed as ‘energy vampires’, for example, Prime Minister Anthony Albanese walked back his insistence on demanding such facilities use renewables to be energy independent.
For Stone and Chalk CEO Stela Solar, however, one of the industry's most immediate problems is getting local AI companies in front of customers.
“Strong local capability does not always translate into enterprise customer wins,” she said.
“By matchmaking ambitious startups and scaleups with financial sector leaders who stand united to support Australian AI,” she said, “we’re solving the challenges that matter to the industry, the Australian community and the country.”
Expressions of interest for the program are open through 24 September, with the first tranche of the program set to run from 5 October to 27 November.
