Labor dumps attempt to modernise business records after $2bn budget blowout

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Assistant treasurer Stephen Jones blames ‘failure of planning and oversight’ by previous Coalition government

Number holders, and to minimise fraud and business misconduct, including registration of fictitious characters as office-holders on the companies register.

Other causes of the cost blowout included the significantly greater than planned use of contractors and the Coalition government’s decisions to expand the scope of the program before it was delivered. “Based on the current scope and approach, the [program] would require additional investment between $1.8bn and $2.2bn, increasing the total cost to approximately $2.8bn, or more than five times the original estimate,” the review said.

 

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