The centrality of data to marketing within almost every industry is now hard to overstate. Because of this, it has become imperative for businesses to access consumer data if they want to stay competitive within their marketplace.
Data allows businesses to target customers – and thus improve marketing strategies – in unconventional ways. At the same time, data is personal and private. Access needs to be regulated. This is where a comprehensive Data Rights changes becomes necessary: to protect consumers and give them more control over their data.
In November 2017, the Australian Federal Government announced a new, wide-reaching Consumer Data Rights. This will allow consumers to:
An estimated $20 million in federal funding over the next four years has been budgeted for the implementation of CDR. According to the Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims, the introduction of Consumer Data Rights in Australia is fundamental for both competition and consumer reform. On August 15, 2018, the government released a draft legislation detailing the bill. As per the Treasury Laws Amendment (Consumer Data Rights) 2018:
“The primary aim of the Consumer Data Rights (CDR) is to give consumers the ability to access more information about themselves, and about their use of goods and services, in a manner that allows them to make informed decisions about both themselves and their participation in the market. By doing so, the CDR aims to increase competition in any market, enable consumers to fairly harvest the value of their data, and enhance consumer welfare. This should be done in a manner that fairly considers incentives for all participants.”
To learn more about Consumer Data Rights, read our whitepaper here.