Director of the ACS computer systems and software engineering technical board Associate Professor Karl Reed said technology is vital for enabling 90 percent of business processes.

"With that level of dependence on software systems, it is critical that ICT professionals working on major software projects understand and apply appropriate procedures and standards to ensure these systems work properly once they are introduced," he said.

Furini said the ACS is willing to provide independent and professional input to any inquiry or review once the issues have been resolved.

"This kind of infrastructural software failure can have far greater impact on the Australian economy than the loss of a bridge and we need to learn what lessons we can to ensure this kind of situation can be avoided in the future," he said.