A consolidation of “over 30” government business registers that faces a large blowout in its funding needs will be funded for the next four years, courtesy of a $166.2 million budget injection.
The government said in July that the modernising business registers (MBR) program could ultimately cost up to $1.5 billion. It had so far received funding of $500 milllion.
The large-scale project intends to replace a range of business registers with a single platform operated by a new one-stop shop called Australian Business Registry Services (ABRS).
In its first federal budget since coming to power, the Labor government committed “additional funding of $166.2 million over four years from 2022–23 to continue delivery of the program”.
It had earlier given the program a four-year extension after earlier project delivery deadlines were missed.
The new funding package includes $80 million in 2022-23 for the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) “to continue design and delivery of the modernised registry platform”.
It also covers an $86.2 million investment over four years from 2022–23 “for ATO and ASIC to operate and regulate the director identification numbers regime, and maintain ASIC’s registry systems.”
The director identification number or DIN is a unique identifier that directors of companies and Australian bodies have to apply for.
It was the first stage of the MBR program, and responsibility for its delivery falls to the ABRS.
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