More than USD 250 million will be spent to expand the government's digital identity program to businesses, making it easier to start a business and register as a director using the myGovID program to be verified.
It's set to reduce the amount of time it takes to register an Australian Business Number, register for GST and payroll in 15 minutes. The government estimates it would have a potential economic saving of USD 236 million over five years, if all new businesses were to use the digital identity.
Expanded use of the MyGovID would also allow applications for the JobSeeker and Youth Allowance payments to be done completely online, something that wasn't in place before the pandemic, causing queues outside Centrelink offices across the country as jobs were lost overnight. Among the new measures is USD 19.2 million for small businesses to "go digital," USD 3 million to develop a "digital readiness assessment" for businesses to assess their digital maturity and funding for a platform for people to find digital skills training.
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