In February 2023, the Australian Government commissioned an independent Review into the Modernising Business Registers (MBR) Program to deliver a comprehensive understanding of the current state of the program and provide recommendations for changes, improvements and strategies to best position it to achieve its intended objectives.
The Review has determined that the MBR Program will require further investment in the order of $2 billion and remains a high-risk undertaking. The Review concludes that the most responsible and best available option for government is to stop the MBR Program on the basis that the considerable additional investment is not justified when measured against the benefits. Instead, the Review recommends the return of registry functions from ATO to a new division in ASIC.
To read the Review in full, click here.