Australia pledges $566 million in push for digital business compliance

By Reuters Staff

SYDNEY (Reuters) - Australia said it will spend A$800 million ($566 million) on measures to help businesses take their administration and regulatory compliance online, citing higher demand due to changes brought by the COVID-19 pandemic.

The federal government said it would spend A$420 million coordinating Australia's more than 30 company registers and put them online, "allowing businesses to quickly view, update and maintain their business registry data in one location".

It would also spend A$257 million to expand a digital identity system for people interacting with the main government internet portal, including a permanent "director identification number" to help prevent "phoenix" activity where people avoid liability by shutting down one failed company and setting up a new one to carry out the same business.

Read on to see the further allocation of funding