Australia’s competition watchdog, the Australian Competition and Consumer Commission (ACCC), is currently directing its efforts towards data brokers. On July 8, 2023, the ACCC released a statement seeking input from consumers, businesses, and stakeholders. The purpose of this initiative is to investigate the practices employed by data brokers, specifically how they collect and use personal information. The ultimate goal is to identify any potential competition-related issues within this domain.
Data brokers are companies that collect and sell personal information of individuals. They gather details such as names, addresses, phone numbers, email addresses, shopping patterns, and online browsing histories. These brokers create consumer profiles from this information, which they subsequently sell to businesses. The obtained profiles enable businesses to target consumers for advertising purposes or make decisions relating to creditworthiness and insurance premiums.
The ACCC is worried about the growing prevalence of data brokers. They are concerned that it may have adverse effects on competition within the Australian market. If a data broker possesses a significant amount of consumer data, it could potentially enjoy an unfair advantage over its competitors. Furthermore, the ACCC expresses concerns about the possibility of data brokers utilizing personal information in ways that lack transparency and fairness towards consumers.
The ACCC’s request for feedback forms part of its ongoing efforts to regulate the digital platform services sector in Australia. They are also considering the introduction of new regulations specific to data brokers. The final report on this matter by the ACCC is slated for release in early 2024.
If you have concerns regarding how data brokers collect and use your personal information, you can reach out to the ACCC for further information. For additional resources and guidance on data brokers and safeguarding your privacy, you can visit the ACCC’s website.
