CA ANZ, Deloitte call for digital reporting mandate to boost productivity

Deloitte and CA ANZ have joined forces in their call for the mandate of digital corporate reporting to help bolster Australia’s productivity and economy.

The two bodies noted they were renewing their stance on digital corporate reporting following the Productivity Commission’s similar recommendation to introduce compulsory digital financial reporting for disclosing entities.

Deloitte noted that previous analysis it had conducted estimated a $7.7 billion economic boost from mandatory digital financial reporting for large businesses, and the extension of this to climate reporting could deliver “even greater returns”.

This push was echoed by CA ANZ as their investor confidence survey in 2024 revealed 71 per cent of respondents would support digital financial reporting to be mandated.

Jo Gorton, chief executive of Deloitte Australia, said digital reporting enabled faster decisions, boosted transparency, reduced complexity, and opened Australia to global investment, as well as “laying the groundwork” for AI and other technologies to thrive.

“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,” she said.

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

The bodies said they hosted an event to bring industry leaders together with key stakeholders across the sectors of business, regulation and policy.

The event was aimed at facilitating discussion around “the critical role of digital reporting in unlocking productivity, driving investment into Australia, enhancing transparency, and modernising corporate reporting in Australia”.

CA ANZ said it was pushing for the mandate of digital reporting as it was an immediate action the government could take “to get things moving on the productivity and economic front”.

Ainslie van Onselen, chief executive of CA ANZ, said the digital reporting recommendation by the Productivity Commission in its latest interim report was an important step forward and a clear validation of CA ANZ and Deloitte’s call to action and push for a more resilient economy.

“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,” she said.

“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.”

“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,” Jacquie Fegent-McGeachie, Deloitte Australia climate and sustainability partner, added.

“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.”

CPA Australia also weighed in on the matter and urged the government to proceed with the rollout of digital financial reporting for listed companies first, with a phased implementation approach.

Gavan Ord, business investment lead for CPA Australia, welcomed the Productivity Commission's recommendation but said it did not need to be an issue for the upcoming Economic Reform Roundtable.

“The benefits of digital financial reporting for businesses and the community more broadly are clear and already being evidenced around the world. A phased approach should begin as soon as it is practical to do so,” Ord said.

“Australian companies have had the ability to voluntarily lodge digital financial reporting for over a decade, yet its complete lack of uptake underscores how challenging it can be – even for large enterprises – to adapt to technological change.”

“Cost-free access to corporate financial data is bound to result in macroeconomic benefits that go to the heart of this inquiry. We’ve contemplated long enough; the time has come to make digital financial reporting a mandated reality.”