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.
This story is from the October 2023 edition of Money Magazine Australia.
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This story is from the October 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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