![](https://www.pymnts.com/wp-content/uploads/2024/02/digital-ID-acceptance.jpg)
By:
Australia’s Digital ID Scheme
On May 30, 2024, Australia enacted the Digital ID Act 2024 and the Digital ID (Transitional and Consequential Provisions) Act 2024, after nearly three years since the initial draft was released and following a $288.1 million boost from the federal budget. These laws, known collectively as the Digital ID Acts, have fast-tracked the inclusion of private sector entities in the Digital ID scheme. Similar to the UK’s approach, Australia will implement a phased roll-out of the new national Digital ID system, expanding the existing Australian Government Digital ID System (AGDIS) to state and territory governments and introducing a voluntary accreditation scheme for Digital ID service providers. Initially focused on government services, the scheme will extend to private sector organizations within two years. Banks, credit card operators, and Australia Post will be the first private sector entities to integrate into the Digital ID scheme, allowing access to their services with a government Digital ID and eventually offering their own Digital ID accreditation services to individuals.
The Australian Competition and Consumer Commission (ACCC) has been appointed as the initial Digital ID regulator, leveraging its consumer-focused expertise and similar role in the Consumer Data Right (CDR) framework. A dedicated digital-specific regulator is anticipated as the system grows. The Digital ID Acts are set to commence by December 1, 2024, alongside supporting rules and data standards. New drafts of these standards have been published for public comment, with submissions open until June 25, 2024. The additional funding will support a series of pilot programs with private sector entities to test the AGDIS application within the private sector…
Featured News
Carlsberg to Acquire Britvic for £3.3 Billion, Creating UK Beverage Powerhouse
Jul 8, 2024 by
CPI
Warner Bros Discovery Settles Shareholder Lawsuit Over $43 Billion Merger
Jul 8, 2024 by
CPI
UK Watchdog Appoints Three Senior Directors for New Digital Markets Regime
Jul 8, 2024 by
CPI
Belgium’s BCA Condemns Fire Protection Cartel for Bid Rigging
Jul 8, 2024 by
CPI
European Commission Launches Investigation into German State Aid for Lufthansa
Jul 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI