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Financial legal groups call for ‘radical’ overhaul of privacy laws
Financial law groups have called for an overhaul of privacy laws to provide protections for consumers to counterbalance an increased use and exploitation of big data.
Naomi Neilson
A joint submission from three major financial legal groups have called on the Attorney-General to amend the department Privacy Act review, arguing that substantial reform is needed to rebalance Australian’s right to privacy and ensure that the laws are made to keep in pace with future economic and technological change.
“Australians have had very little power to stop the trade, misuse and abuse of personal information. The time to strengthen our right to privacy is now,” she said.
The joint submission described how the rapid pace of technological change has led to a data-saturated economy and the development of new business models and markets centred on the harvesting of surplus behavioural data for predictive purposes.
Calls coincide with research released by the Consumer Policy Research Centre that revealed 94 per cent of Australian consumers are uncomfortable with the way personal information is collected and shared online. Almost 90 per cent do not have a clear understanding of how this information is used at all.
Ms Cox said consumers should be free to decide how much or little of their information that they wish to share in exchange for the use of services.
“Privacy agreements, privacy preference, and terms and conditions are often complex and unclear, so consumers don’t know what they are consenting to,” Ms Cox said.
“Yet deciding to participate in data driven technologies is increasingly not an option for many consumers. Services are offered on a like it or lump it basis, meaning people have the choice to either fully participate in the modern economy or retain reasonable control of their personal data, you simply can’t do both.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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