Junking business registers project will raise costs, hurt transparency

after costing taxpayers $100 million. And it abandons a 2020 budget pledge to cancel $65 million in fees that firms, analysts, investors, activists and consumers pay in registration and search fees.

The chief executive of data solutions firm Acceleon, David Johnson, said the lack of an integrated database covering all businesses would hinder anti-fraud activities. The data modernisation project was being keenly supported by accounting and legal groups who on Monday continued to press for the government to invest in simplification reforms.“The need for business registries at all levels of government to be centralised and coordinated remains an ongoing challenge,” said Karen McWilliams, the business reform leader at the chartered accountants’ lobby group.

Brisbane-based regulation technology and insolvency expert Peter Mills said the whole purpose of the reforms was to have the data put into a large central pond, instead of having “silos of information in different databases governed using different software and different rules”.Mr Mills said consumers seeking credit would end up paying more.

He found the key benefit of ensuring the data was trustworthy could be better achieved by relying on the new Directors ID and my Gov ID identity systems.Mr Rees said the benefits of making it easier to interrogate the 31 different databases would be too costly to achieve, and would mostly flow to professional data firms who are the highest users of the databases.

“Approaches that work well for administering taxation are not always transferring effectively to company and business registry arrangements.

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