On 28 February 2023 the AICD made a submission to Senate Economics Legislation Committee inquiry into the Influence of international digital platforms (the Inquiry).
The AICD submission recommended the Inquiry adopt a nuanced and balanced approach to assessing the dynamic, multi-faceted role of Big Tech and be cautious in making recommendations that may curtail innovation.
Our additional key points were:
- There is an opportunity for Government to develop a genuine partnership with industry to drive a coordinated approach to building national cyber resilience. Big Tech companies have the potential to enhance this partnership model through their resourcing, knowledge and experience in combatting cyber risks at the global level;
- It is critical that wholesale privacy law reforms are considered in detail, are subject to comprehensive consultation and a thorough analysis of the cost benefit trade-off of policy options;
- The Australian Competition and Consumer Commission’s Digital Platforms Inquiry is the appropriate avenue for the Government to assess the necessity for any changes to Australia’s existing competition laws to address concerns about the degree of market power and vertical integration.
- Australia’s long-established directors’ duties framework sets out clear obligations on individual directors with respect to the entities they govern, including for subsidiaries of a foreign parent company. Should these duties not be met by directors of Big Tech Australian subsidiaries, this can be addressed through Australia’s existing legislative framework and appropriate enforcement action by the Australian Securities and Investment Commission.
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