Australian Government pledges $566M for growing digital business in Covid-19

The Australian government to spend $566 million to assist companies in online administration by the digital business plan amidst Covid-19.

By · Oct 2, 2020 . 5min read

Australia Government Covid-19 latest news
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The Australian Government has declared a digital business plan to invest $566 million for businesses to take advantage of digital technologies to develop and generate jobs in the wake of the Covid-19 crisis. Australia’s Prime Minister Scott Morrison and Treasurer Josh Frydenberg declared a $566 million scheme on Tuesday. They stated that it would promote doing more business online in a post-coronavirus world. 

The Covid-19 outbreak has stimulated the adoption of digital technologies by Australian businesses and consumers. This has facilitated many to modify their services to trade through the crisis. In an official statement, Morrison says that this year’s budget would assist businesses to recover, strengthen back, and produce more jobs as part of Australia’s economic recovery plan.

Australian Government unveils its fund allocation.

The Australian Government lays down the allocation of funds in the Digital business plan. The federal authorities said it could spend about $420 million regulating Australia’s greater than 30 firm registers and placing them online. Thus enabling businesses to instantly view, update, and maintain their business registry data in one location. Additionally, it would invest about $257 million to develop a digital id system for individuals who interact with the principal authorities’ web portal. This includes a perpetual director identification number to restrict further phoenix activity. People evade accountability by closing down one failed company and establishing a new one to carry out the same business.

Federal authorities will also invest $6.9 million in Blockchain technology. Blockchain technology received special mention with two pilots intended to cut business compliance costs. Additionally, the government will boost the acceleration in Australia’s 5G network’s rollout. It will also boost the digital capacity of the agriculture, logistics, mining, manufacturing, and financial services. Moreover, Australians will be able to start a new business in 15 minutes using online government services.

Summing it up, the Government stated that it would future allocate the funding when it releases its annual budget on Oct. 6. It usually reveals the budget in May but postponed it due to the Covid-19 outbreak.

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