JOINT MEDIA RELEASE (AU)

On the same night the Productivity Commission recommended the introduction of compulsory digital financial reporting for disclosing entities, Deloitte Australia and Chartered Accountants ANZ (CA ANZ) renewed their call for the Federal Government to boost productivity by mandating digital corporate reporting.

An event last night hosted by Deloitte and CA ANZ brought industry leaders together with key stakeholders across business, regulation, and policy to discuss the critical role of digital reporting in unlocking productivity, driving investment into Australia, enhancing transparency, and modernising corporate reporting in Australia.

Previous analysis by Deloitte Access Economics estimates a $7.7 billion economic boost from mandatory digital financial reporting for large businesses. Extending this to climate reporting could deliver even greater returns.

At the same time, CA ANZ’s investor confidence survey in 2024 showed 71 per cent of respondents calling for digital financial reporting to be mandated.

Structured data formats like XBRL, already used in major global economies, are key to realising these benefits. Digital reporting enables faster decisions, boosts transparency, reduces complexity, and opens Australia up to global investment. It also lays the groundwork for AI and other technologies to thrive.

The Productivity Commission also supports the introduction of compulsory digital reporting for disclosing entities with a recommendation included in its latest interim report released last night on Harnessing data and digital technology.

Deloitte Australia CEO Jo Gorton said: “Digital corporate reporting is one of the most practical, high-impact steps we can take to lift Australia’s productivity. By shifting to structured, standardised formats, we unlock the power of AI, cut through complexity, and give businesses and investors better, faster insights.

“This is a smart, future-focused move that brings us in-line with the majority of the world’s largest economies – the time is now for Australia to join them.”

Chartered Accountants ANZ Chief Executive Officer Ainslie van Onselen said: “There are immediate actions the Federal Government can take to get things moving on the productivity and economic front – and CA ANZ strongly believes that this should include mandating digital reporting. 

“Digital reporting is the low-hanging fruit of productivity and economic reform. Ninety per cent of the world’s major economies already do it, streamlining compliance and unlocking real-time insights that drive smarter decisions. So, it’s time for Australia to catch up,” Ms van Onselen said. 

“The digital reporting recommendation by the Productivity Commission in its latest interim report is an important step forward and a clear validation of our call to action. It’s a recognition of CA ANZ’s leadership in shaping a smarter, more resilient economy.

“CA ANZ will look to support the government as it responds to the Productivity Commission’s recommendation and will continue to urge action on this critical priority.”

Deloitte Australia Climate & Sustainability Partner Jacquie Fegent-McGeachie said:

“We have an unprecedented opportunity to embed technology and improve access to verified data across value chains in order to meet the surging demand for climate and sustainability-related financial information and decision useful data from investors, suppliers and customers.

“Costs are modest in comparison to the business and economy-wide benefits of attracting international capital. Australia currently has an antiquated reporting system characterised by PDFs and printed reports. The move to digital reporting is a simple idea that can have a big positive impact on the Australian economy and business.”

CA ANZ Reporting and Assurance Leader Amir Ghandar said: “Digital reporting is something we’ve been backing for years, and it’s great to see it finally getting the spotlight it deserves in Australia’s policy playbook.

“Frankly, it’s been worrying to see Australia lag behind. We’ve been stuck in the stone age – continuing to rely on PDFs and paper while the rest of the world’s moved on. For today’s investors, that’s like trying to stream Netflix on dial-up.”