$800m committed to digital businesses COVID-19 has caused significant disruption across the country in 2020, but the well-established digitisation of Australia’s property exchange has provided great resilience to the market, ensuring settlements continue to occur seamlessly. More than 75% of all transfer settlements are processed online via PEXA – uninterrupted by the pandemic throughout the year. This has kept Australia’s $7.1 trillion residential property market mobile despite the challenging circumstances, maintaining vital economic activity and ensuring the key service of buying and selling homes has remained active for Australians. 1
And in a move which will help encourage similar outcomes, the Federal Government has announced it is investing just under $800 million in the 2020-21 Federal Budget, enabling businesses to take advantage of technologies to grow and create jobs.
This has enabled many to transform their operations and continue to trade through the crisis. Many businesses moved online quickly when the pandemic hit, undergoing a decade of change in months, finding new customers or new ways of doing things. “Our JobMaker Digital Business Plan provides significant backing to continue that digital push and expand opportunities for businesses to grow and create more jobs,” the Prime Minister said. The Australian Banking Association (ABA) described the budget as a major step forward that will modernise the way Australians do business and deliver significant benefits to consumers. The ABA is part of a coalition of business groups advocating for the fast tracking of moves to a paperless, contactless digital economy.
In a press release distributed by Prime Minister, Scott Morrison and Treasurer, Josh Frydenberg, the government explained “COVID-19 has highlighted century-old that COVID-19 pandemic has accelerated regulations slowing business down”, said ABA Chief Executive Anna Bligh AC. the adoption of digital resources by Australian businesses and consumers. “These changes will make banking faster and easier”, Ms Bligh said. 6
