JobMaker: The Beginning of Digital Business Planning

Industry News, Journal,  Buyers and sellers,  Principals,  Property Managers,  Salespeople

The Morrison Government is investing almost a billion dollars to enable businesses to take advantage of digital technologies to grow their businesses and create jobs as part of its economic recovery plan.

With an $800 million JobMaker Digital Business Plan recently unveiled to support economic recovery in the wake of COVID-19, it’s a great indicator that the Federal Government sees potential in the REIQ’s recent lobbying efforts for digital transformation of the real estate industry.

There’s widespread recognition among industry leaders that the role of digital technology is rapidly shifting, from being a driver of marginal efficiency to an enabler of fundamental innovation and disruption. The 2018/19 Annual Report of the Residential Tenancies Authority confirms that 80.6% of Queensland rental properties are managed by real estate practitioners and that a vast majority of property sales are also facilitated by real estate practitioners. As Queensland continues to deal with the COVID-19 pandemic, the REIQ now more than ever calls for a commitment to evaluate the process of which real estate transactions are conducted through:

  1. facilitating the use of electronic signatures by corporations and individuals;
  2. recognition of electronic contracts and approved forms by governing authorities; and,
  3. further streamlining real estate processes by permanently implementing measures that assist virtual transactions on a permanent basis extending beyond the COVID-19 pandemic.

These can be achieved by updating the execution requirements of Property Law Act (1974) and maintaining the execution provisions under Corporations (Coronavirus Economic Response) Determination (No. 1) (2020) beyond the COVID-19 pandemic. Take up of DocuSign alone shows the industry is more than ready: 350% increase in the number of DocuSign users and 680% increase in DocuSign usage to date since the outbreak of COVID-19[1].

“Many businesses moved online quickly when the pandemic hit, undergoing a decade of change in months, finding new customers or new ways of doing things,” the Prime Minister said. “Our JobMaker Digital Business Plan provides significant backing to continue that digital push and expand opportunities for businesses to grow and create more jobs. The Plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses and backs the uptake of technology across the economy.”

Treasurer Josh Frydenberg said the Federal Government was investing in Australia’s digital economy to keep businesses in business and Australians in jobs as part of its economic recovery plan. “The Governments’ Digital Business plan is targeted at building on this digital transformation of Australian businesses to drive productivity and income growth and create jobs,” the Treasurer added. “Our Digital Infrastructure package is estimated to increase Australia’s GDP by $6.4 billion a year by 2024 and around $1.5 billion of this additional economic activity is estimated to flow to regional Australia each year.”

SEE ALSO: The Need for Digital Transformation of the Real Estate Industry

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Overall, the package is targeted at building on the digital transformation of Australian businesses to drive productivity and income growth and create jobs and includes a controversial Digital Identity system the government says will make it easier to engage “with government services, and in future, the private sector.” The real question is how ready the Federal Government is to handle the responsibility associated with such a scheme — and how it fits with similar schemes already announced by other departments, such as the Australian Tax Office. Meanwhile, other elements of the Digital Business Plan include:

  • A further $419.9 million to enable the full implementation of the Modernising Business Registers (MBR) program, allowing businesses to quickly view, update and maintain their business registry data in one location;
  • A further $28.5 million to support the rollout of the Consumer Data Right to the banking and energy sectors, which is in addition to the more than $120 million already committed;
  • $29.2 million to accelerate the rollout of 5G, including an initiative to invest in 5G commercial trials and testbeds in key industry sectors such as agriculture, mining, logistics and manufacturing;
  • $22.2 million to support small business operators take advantage of digital technologies through an expansion of the Australian Small Business Advisory Service – Digital Solutions program, a Digital Readiness Assessment tool and a Digital Directors training package;
  • $11.4 million for a new regulatory technology commercialisation initiative to improve compliance and directly support digital technology firms;
  • $9.6 million to support fintechs to export financial services and attract inward investment;
  • $6.9 million for two blockchain pilots directed at reducing business compliance costs;
  • $5.9 million to boost Australia’s influence on international standards;
  • $2.5 million to connect workers and small and medium sized businesses to digital skills training;
  • Consulting on making permanent the temporary reforms to allow companies to hold virtual meetings and execute documents electronically;
  • Reviewing the regulatory architecture applying to the payments system to ensure it remains fit for purpose and is capable of supporting continued innovation for the benefit both businesses and consumers; and,
  • Reforming the regulation around stored-value facilities to support innovation and competition in line with the recommendations of the Council of Financial Regulators.

These initiatives are in addition to the Federal Government’s $4.5 billion NBN investment plan to bring ultra-fast broadband to millions of families and businesses across the economy over the next two years. They also work with prior commitments to build digital skills and to improve trust and security in the digital economy, including through the $1.67 billion investment in the 2020 Cyber Security Strategy and investments in online safety. The Digital Business Plan is part of the Federal Government’s economic recovery plan to grow the economy and create jobs and support its goal for Australia to be a leading digital economy and society by 2030.

While it’s clear that digital technology will transform how real estate transacts, there are a number of challenges that need to be understood such as the opportunities for value creation and amendments of outdated regulations. These challenges need to be addressed by industry and government leaders to unlock the substantial benefits digital offers our industry which is why the REIQ is also calling for the establishment of a Digital Advisory Committee between the real estate industry and government to work collaboratively towards the goal of industry digitalisation with a view to reducing red tape and bringing it into line with contemporary legislation.

[1] Dynamic Methods Report Data Comparisons: March-August 2019/March-August 2020

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Here’s what others have to say

I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
Jamie Smith
07:28 07 Mar 18
Blake Richard
Blake Richard
01:34 05 Mar 18
Tina Nenadic
Tina Nenadic
12:57 02 Mar 18
Michelle Wright
Michelle Wright
04:07 26 Feb 18
Rob Honeycombe
Rob Honeycombe
21:51 16 Dec 17
Annette Jeffs
Annette Jeffs
14:43 23 Nov 17
Adam Milton
Adam Milton
01:52 22 Nov 17
Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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