Use of data, and associated technologies, can generate significant economic benefits.
Most of the economic benefit of data ultimately accrues to consumers, through lower prices, access to benefits often at no cost, more convenience, greater personalisation and reduced information asymmetry.
Data use needs to balance the benefits of data with the risk of inappropriate collection, sharing or use of data. Governments and organisations must be careful to ensure the integrity and protection of data, especially personal data that can identify individuals.
The Business Council sees this inquiry as an opportunity to examine how best to balance these considerations and maximise the benefits of data to the consumer and community.
Technology, uses of data and community attitudes to data are evolving rapidly. The speed of change poses a challenge for regulation to be relevant, fit for purpose and aligned with community expectations. Industry-led approaches to data will often be more effective than regulation because businesses can innovate and adjust faster than regulation.