Australia’s competition watchdog requested consumers, firms, and other relevant stakeholders on Monday to offer feedback on data brokers’ business practices in an effort to regulate the country’s digital platform services sector.
The Australian Competition and Consumer Commission (ACCC) will examine products and services provided by major data brokers such as Oracle, Equifax, Ireland-based Experian, and global IT giant LiveRamp, among others, before issuing a report on the sector.
“There is little transparency and awareness of how data brokers operate in Australia, despite the vast amounts of information they collect about Australian consumers and the central role they play in enabling the exchange of information between businesses,” ACCC Chair Gina Cass-Gottlieb said.
Data brokers typically collect information such as personal details of clients, as well as their browsing and purchasing habits, from a variety of sources, including mobile applications, social media sites, and card payment providers.
According to the ACCC, the report will look into how third-party data brokers collect and use information to produce products and services, as well as whether there are any potential competition or consumer issues.
The regulator’s digital platforms department has been undertaking a five-year inquiry into the markets for the supply of digital services until 2025.
The report will concentrate on firms that gather information from third-party sources and share or sell it to other organizations, as well as any competition or customer issues that may arise as a result. The ACCC stated that it will be handed over to the treasurer in March 2024.
