Independent, full service media and creative agency AFFINITY has, with Anisimoff Legal, launched a comprehensive whitepaper, Preparing for Australia’s Privacy Act Reforms.
The reforms are due to take effect in two stages, starting in early 2025.
Luke Brown, CEO of AFFINITY, said the reforms present an opportunity for businesses to innovate, build trust, and ensure compliance through privacy-by-design strategies.
“Australia’s Privacy Act reforms are a game-changer for businesses, much like GDPR was for Europe,” said Brown.
"We see these changes not as a burden but as an opportunity for businesses to innovate and differentiate themselves by prioritising consumer trust. Those who prepare now will be in a prime position to capitalise on the evolving privacy landscape.”
Drawing parallels with the EU’s GDPR, which was implemented in May 2018, AFFINITY highlights key issues for Australian businesses.
GDPR had a profound impact on firms, particularly small and medium-sized enterprises (SMEs).
According to recent studies, companies exposed to GDPR saw an 8% reduction in profits and a 2% fall in sales, with SMEs bearing the brunt.
Large technology companies, including Facebook and Google, faced no significant reductions in either sales or profits.
The whitepaper:
- Stricter consent requirements: Under the new reforms, businesses will need to secure clear, informed, and specific consent for data usage, marking a significant shift from previous standards.
- Children’s online privacy code: Special rules will be introduced to protect children’s data, limiting what they can access and how their information can be used online.
- Automated decision-making transparency: Businesses will face new requirements for greater transparency and accountability in the collection and use of personal information for automated decisions.
- Impacts on direct marketing and targeted advertising: Stricter regulations are expected to disrupt datadriven marketing practices, requiring businesses to explore alternatives like contextual targeting.
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