More private lives
Money Magazine Australia|October 2023
Our data protection laws are set for big overhaul and the consumer will be the winner
BEN FALKENMIRE
More private lives

Australians will be afforded stronger rights around data consent and transparency, and companies should be unable to discriminate against someone who declines to share their data in a proposed overhaul of the Privacy Act. The proposed changes, however, will also demand more compliance from companies that use and store data, and could lead them to pass on these costs as increased prices.

A total of 116 changes to the Privacy Act were proposed in a report released by the Attorney General’s department in February 2023. The goal is to bring Australia’s privacy regulation closer to the European Union’s General Data Protection Regulation (GDPR), which came into effect in May 2018.

The suggested changes will ultimately mean more rights for consumers. Under the current proposal, individuals will be able to request the deletion or correction of their data and an explanation of how their data is being used by a company. This would apply to nearly every kind of business in the country – from banks and insurers to Spotify, from apps tracking your health through smartwatches to your financial adviser, accountant or real estate agent.

Other potential changes to the act – following the EU lead – include the possibility that companies can no longer discriminate against a customer if they do not allow it to collect data about them or track them. This could assist people who are discriminated against based on an existing illness or medical condition.

هذه القصة مأخوذة من طبعة October 2023 من Money Magazine Australia.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة October 2023 من Money Magazine Australia.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من MONEY MAGAZINE AUSTRALIA مشاهدة الكل
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 mins  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

Drop the anchor to judge value

Buying and selling decisions should be based on where a stock price is going, not where it has been.

time-read
3 mins  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 mins  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 mins  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 mins  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

Sold! Quick ways to add value

Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.

time-read
5 mins  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

Money lessons the kids need to know

Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.

time-read
4 mins  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

Property-investing rules: are they likely to change?

The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.

time-read
3 mins  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 mins  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

Are we ready to be cash-free?

Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.

time-read
2 mins  |
July 2024