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Insights

October 01, 2020

$800m Federal Budget 2020 Plan to Push Business Digital

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James Morris
$800m Budget Plan to Push Business Digital

Prime Minister Scott Morrison has announced an $800 million plan as part of the upcoming Federal Budget to push businesses in adopting new digital technologies and aid in post COVID recovery.

The goal is for more business to go digital, thus expanding opportunities for growth and creating more jobs.

How will the $800m be spent?

  • $419.9 million for the implementation of the Modernising Business Registers (MBR) program which will allow businesses to quickly view, update and maintain their business registry data.
  • $256.6 million towards developing a digital identity system to enable secure and convenient engagement with Government services (possible future expansion to the private sector). More on this below.
  • $28.5 million towards supporting the Consumer Data Right for banking and energy sectors.
  • $29.2 million to accelerate the rollout of 5G with commercial trials and testbeds for agriculture, mining, logistics and manufacturing.
  • $11.4 million towards new regulatory technology commercialization initiative to support compliance and support digital technology firms.

Facial recognition and the Digital Identity Program

The Digital Identity Program will create a biometric identification system with facial recognition software. This will be used for myGov and the ATO’s myGovID.

Focus on SMEs

$22.2 million will be spent on supporting small businesses take advantage of digital technologies with the expansion of the Australian Small Business Advisory Service – Digital Solutions program, a Digital Readiness Assessment tool and Digital Directors training package.

$3.6 million towards mandating the adoption of electronic invoicing by 1 July 2020 for all Commonwealth Government agencies to encourage adoption among businesses supplying to government and their supply chains.

$2.5 million will go towards connecting workers and SME’s to digital skills training.

Other measures

  • $9.6 million in support for fintechs to export financial services and attract inward investment
  • $6.9 million for two blockchain pilots directed at reducing business and compliance costs
  • $5.9 million to boost Australia’s influence on international standards

Do you know how the Federal Budget announcements will affect you?

Now that the Federal Budget 2020 has been announced, you may be asking yourself, how will these changes affect me?

We’ve put together all of Budget information in one place, and included our live webinar recording where our experts discuss the key changes and possible implications and opportunities for you post-announcement.

WATCH NOW

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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