https://www.itnews.com.au/news/banks-prepare-to-issue-mygov-compatible-digital-identities-532768

From above:

Everyday Australians will be able to use their mobile and internet banking credentials to sign into government services online under a bold new digital identity push that could quickly leapfrog state and federal efforts.

“The intention is that a digital identity established by a private sector provider under the TrustID framework will eventually be able to be used to access government services, and vice versa.”

In the event banks continue to shun a federated digital identity option, the RBA and Australian Securities and Investments Commission have the live option of forcing banks to soak up online fraud losses rather than foisting liability onto merchants.

“The [TrustID] framework is designed to allow individuals to establish their digital identity online with a preferred service provider and then to use those credentials to prove who they are when interacting online with businesses, including when making online payments,” the PSB wrote.