Yep. The idea is that instead of providers paying up to 70 cents a time to the Government to verify the identity of people using the existing passport, Medibank, drivers license document verification service we have the choice of a digital ID. The banks et al can charge a small fee rather than pay a small fee.
The argument supporting digital ID is that business won't need to keep records of our documents which have become attractive to foreign powers that support hacking of our details and the associated potential financial loss of identity fraud.
...but if people have a choice to either use digital id or the old service business will still need to hold the details of customers who opt out of digital id. Hopefully the digital id database is impenetrable to hackers.
