The Australian Government has passed the Digital ID Bill 2024 and the Digital ID (Transitional and Consequential Provisions) Bill 2024.
This legislation will establish an economy-wide Digital ID system, enabling financial organizations and service providers to apply for and join the Government’s Digital ID platform. The primary advantage of this system will be the creation of a more robust and secure online environment for users.
Additionally, the Bills will encourage Digital ID service providers to participate in a voluntary Accreditation Scheme, ensuring compliance with Australian regulatory standards and sustaining high levels of security and authentication.
Once the legislation receives Royal Assent, anticipated in the coming weeks, it will take effect in November 2024. By 2026, businesses will be able to integrate into the Government’s Digital ID system.
Rick Iversen, head of product and scheme digital ID at Australian Payments Plus, expressed his support, stating, “It’s great to see a commitment to realizing the benefits that a strong Digital Identity ecosystem will offer Australian consumers and businesses. As we’ve always said, the fewer times people share their identity documents, the fewer opportunities there are for data theft.”
Iversen also welcomed the announcement of $288 million in the Budget to support the implementation and growth of digital identity.