This is basically a digital ID verification process. 10 years ago, China was rolling this out to the West's dismay.
The whole "China Social Credit" worked so well in society (yeah, right) that Australia will have social credits.
Discussion
This is an unfathomable infringement on privacy. You can't have any measure of privacy online if you have to verify your identity to use the internet, and have all your sensitive information in some poorly maintained government database. They always use, "think of the children" as their bullshit excuse to obliterate our right to privacy.