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An historic budget in a tumultuous year — Governance Institute of Australia responds to Federal Budget 2020

With a firm focus on boosting jobs, major projects and sparking growth, the 2020 Federal Budget will help lay down a solid economic path out of the pandemic, Governance Institute of Australia has said in response to this evening’s announcement.

The Treasurer said the 2020 budget addresses the ‘biggest economic crisis since the Great Depression’ – and is ‘all about jobs.’

CEO of Governance Institute of Australia Megan Motto welcomed the key announcements, saying the firm focus on building jobs especially for young Australians, skills and infrastructure are essential for Australia to regain its position of economic strength.

‘This is a historic budget in a tumultuous year – and there are some major takeaways for the governance and risk management profession,’ Ms Motto said.

‘We have seen a commitment to a much-needed kiss of life for the Australian economy, and a departure from the Coalition’s usual quest for surplus.’

Governance Institute has welcomed the assistance for the embattled aged care sector that has been announced in tonight’s budget.

As well as more home care packages, the aged care support includes: “a further $11.3 million for training and support for aged care providers and carers of people experiencing behavioural and psychological symptoms of dementia.”

‘The aged care sector has had a devastating year with many governance challenges. This extra support announced tonight will assist the sector’s recovery and is to be welcomed,” Ms Motto said.

‘Of course, more needs to be done in this area, and we look forward to the government’s full response – and funding – when the final report from the Aged Care Royal Commission is handed down early next year.”

A key Governance Institute recommendation has been confirmed with funding now guaranteed for the full implementation of the Modernising Business Registers program, Ms Motto said.

‘We have seen $419.9 million allocated to fully implement the Modernising Business Registers program — one of our core “wish list” items was for this program to receive adequate funding to continue, so this is to be welcomed.’

Governance Institute has also welcomed the $256.6 million to develop a Digital Identity system.

‘This will facilitate the implementation of the Director ID by enabling the 2.7 million directors that will be required to apply for a Director ID to digitally verify their identity.’

Governance Institute of Australia says the Federal Government has also committed to launch consultations about permanently allowing virtual meetings and the electronic execution of documents.

Governance Institute provided evidence to the Senate Select Committee on Financial Technology and Regulatory Technology on these issues.

‘We are very pleased to see that the government is keen to continue the conversations on making these steps permanent by launching plans for consultations.

‘These key governance innovations will create efficiency knock-on effects for every business in every sector of the Australian economy, unleashing productivity and broader economic growth.’

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