Prime Minister wants companies to pay you for your data

PM announces push to make companies pay for mining your data.

Companies should pay for your data

The digital economy is built on the back of companies gathering personal information about individual users online, but Prime Minister Scott Morrison is pushing to ensure internet users are compensated for giving away the information.

Mr Morrison told news.com.au that companies have been able to get away with mining this information for free, but the practice needed to change.

“For too long, large companies have been able to hoover up data and profit off it, without paying a royalty to the people they got it off,” Mr Morrison said.

“It’s like pulling iron ore out of the ground. They’re doing it and not paying a royalty to the people that actually own it.

“In the digital economy, your data has value, and you should be able to get the benefits of your data, should you wish to use it in that way.”

Mr Morrison said he supported the benefits that went along with data collection, including making everyday life more convenient, but said the Government needed to step in and ensure that proper legislation was in place to protect the rights of online citizens.

“I think it (data collection) revolutionises how people can receive services, be empowered as customers, get access to things they could never get access to before,” Mr Morrison said.

“All of that is fantastic and we want to embrace it all, but it doesn’t get to exist in some sort of government free zone when it comes to protecting people’s liberty and citizens’ rights.”

The Australian Competition and Consumer Commission (ACCC) is currently developing a regulatory framework for something called the Consumer Data Right, which would allow you to take charge of your own data and actively decide which service providers you wanted to share it with.

The consumer data right will first apply to the banking sector, under a framework that will be known as Open Banking, and will be followed by the energy and telecommunications sectors.

Under Open Banking, consumers will be able to access and safely transfer their banking data to trusted parties.

Open Banking will be introduced in phases, with spending information, including deposit and credit account transactions, and basic product information to be available from 1 July 2019.

“A Consumer Data Right is what is missing in our law. And what that means is you own your data and you own its value and if people want to use it, they’ve got to pay you for it,” Mr Morrison said.

“I’ve sat in the offices of Amazon in Seattle. I’ve sat in Google’s offices in Silicon Valley,” Mr Morrison said.

“The point I’ve made globally to these companies – I’ve said to them, you guys are creating this new economy. You need to work with governments all around the world to ensure that the rules used to govern the old economy can equally provide the same protections and guarantees in the new.

“You need to help us do this, because I guarantee if you don’t, governments will do it anyway and they will do it in a fairly clumsy fashion. And then you’ll be complaining about that. So, you guys need to get on board and work with us here.”

Do you think companies should pay for your data? Would you sell your data if you had the choice?

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    COMMENTS

    To make a comment, please register or login
    Charlie
    26th Sep 2018
    10:24am
    Of course they should.. No more con jobs like "Complete this survey for a chance to win"
    A chance to win woopee
    jackie
    26th Sep 2018
    11:47am
    Charlie...We provide them permission to do this. If someone does not want their information spread around don't provide it on social media sites, so called competitions and don't give permission to companies that you sign up with.

    Morrison must be worried they know more than what they should about him and it may leak out.

    I wish Morrison was more concerned with and doing something about the taxes many of these companies are not paying.
    Priscilla
    26th Sep 2018
    10:30am
    What protection will there be/is there for identify theft? More and more people are being scammed then ever before because of easy access to persons private information and lack of any kind of real security.

    26th Sep 2018
    11:09am
    I wonder how that will happen. Will it have a scale of payments depending on the strength of the information gleaned? Will our bank details be worth more than the fact we use our debit card at the local butcher? Who will set the values? If we travel overseas will we be paid what locals there get paid for the information? Nice try PM, not very practical but will get support from some but not from me.
    Old Geezer
    26th Sep 2018
    11:22am
    I just can't stop laughing wondering what they would use my data for.
    patti
    26th Sep 2018
    11:31am
    Good idea on the face of it. But I wonder why I am wondering "what's in it for the government?" I have never fallen for the stupid promotions anyway. They still find me, but probably not as often as if I give them access to data
    HarrysOpinion
    26th Sep 2018
    11:41am
    In it? -perhaps Income Tax and/or GST?
    jackie
    26th Sep 2018
    11:49am
    patti....Money from the little people always interests the Government there is no doubt about that. Pity this never applies to the big guns too.
    HarrysOpinion
    26th Sep 2018
    11:40am
    My fee will be, $400 per 6 minute blocks- Do we have a deal?

    26th Sep 2018
    4:01pm
    Sounds like desperation from Morrison, because he senses that his useless government is going to be slaughtered at the next election.
    GrayComputing
    26th Sep 2018
    4:27pm
    You mean the PM WANTS TO COLLECT MORE TAX and make our data unsafe at the same time.

    The current government are even bigger idiots then the last lot.


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