Commonwealth Bank today announces its backing of a new initiative aimed at transitioning the Australian economy from the mining boom to the dining boom.

In supporting the launch today by Prime Minister Malcolm Turnbull of the National Farmers’ Federation’s agricultural digital transformation agenda, the bank will be supporting the design and build an online platform for farmers.

Executive General Manager Regional and Agribusiness Banking, Geoff Wearne said: “Commonwealth Bank can bring its innovation smarts to a sector that promises to help transfer the nation’s prosperity from the resources sector to one powered by knowledge and innovative thinking as demand for Australia’s food bowl grows.

“We will support the development of a new online platform to deliver farmers with the most up-to-date food and agribusiness news, weather and market information in addition to providing a peer-to-peer network.”

Commonwealth Bank’s renowned Innovation Lab is expected to be used to help inform the direction of the proposed online platform, using not just its leading technology but its range of innovative thinkers.

As the Federal Government embraces innovation through its National Innovation and Science Agenda, Commonwealth Bank’s support for agribusiness digital platforms follows other recent and significant commitments to new technology, via the Australian quantum computing project and an enhanced cyber security curriculum at UNSW.

“We are excited to be supporting innovation in the agricultural industry at a time when an emerging segment of young ‘tech-savvy’ farmers are looking for innovative ways to integrate technology into their businesses, and we are committed to supporting that transition.”