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In Cybersecurity, Data and Tech

Australia: Long awaited Privacy and Other Legislation Amendment Bill 2024 has landed

by , , , , , , and 1 Min Read

The first phase of the Government’s proposed implementation of long-anticipated reforms to the Privacy Act 1988 (Cth) (“Privacy Act”) was tabled in Parliament on 12 September 2024. The Privacy and Other Legislation Amendment Bill 2024 (“Bill”) comes two years after the Attorney-General Department’s report (“Review”) proposed 116 recommendations to reform the Privacy Act. The Government’s response to the Review, in September 2023 (“Response”), “agreed” 38 proposals to be implemented first and this Bill addresses 23 of those proposals.

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In Antitrust / Competition

Australia: Illusory Discount Pricing; ACCC files proceedings against Woolworths and Coles

by and 3 Mins Read

The ACCC commenced Federal Court proceedings on 23 September against Coles and Woolworths alleging that the two major supermarkets have misled consumers by using their “Down Down” and “Prices Dropped” pricing claims in cases where the prices were actually higher than, or the same as, the previous regular price.

In Cybersecurity, Data and Tech

Australia: Public consultation on Scams Prevention Framework now open

by , , , and 1 Min Read

On 13 September 2024, the Australian Government opened public consultation on the proposed Scams Prevention Framework. The Scams Prevention Framework introduces economy-wide reforms designed to combat scams and enhance consumer protections across multiple sectors including banking, telecommunications and digital platform services. Under the proposed regime, regulated entities in designated sectors will be required to take positive steps to detect, prevent and disrupt scams, with significant civil penalties for non-compliance.

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In AML & Financial Services Regulatory

Australia: New safety measures introduced for AI

by , , , and 5 Mins Read

On 26 July 2024, the Monetary Authority of Singapore (MAS) updated the Guidelines on Licensing for Payment Service Providers (PS-G01), which became effective on 26 August 2024. These changes are applicable to current and future Standard Payment Institutions (SPIs) and Major Payment Institutions under the Payment Services Act (PSA).
The updates can be divided into those that relate to (i) the application process for a new MPI or SPI license or a variation of an existing license under the PSA; and (ii) those that relate to ongoing business conduct.

In Anti-Corruption

Australia: Criminal liability offence for companies that cannot prove they have adequate procedures to prevent foreign bribery

by , and 2 Mins Read

At the end of August 2024, the Attorney-General published its final guidance on adequate procedures to prevent the commission of foreign bribery. The guidance follows the passage of the Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 earlier this year which introduced the new offence of failing to prevent foreign bribery, under which companies can be held directly criminally liable for the foreign bribery activities of their employees, external contractors, agents and subsidiaries, unless the company can demonstrate it had adequate procedures in place to prevent the bribery.

In Antitrust / Competition

Australia: Treasury releases proposed merger notification thresholds

by , and 3 Mins Read

On 30 August 2024, the Australian Treasury released a consultation paper on the proposed monetary and market share thresholds that will trigger a requirement to notify an acquisition to the Australian Competition and Consumer Commission (ACCC) under the Federal Government’s proposed new mandatory merger control regime. It is proposed that transactions which meet either of the thresholds must be notified to, and approved by, the ACCC, with penalties imposed for any failure to notify or for implementation of a notifiable merger without prior notification to the ACCC. The closing date for submissions is 20 September 2024.

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In Employment

Australia: Right to disconnect – Working 9 to [to be determined…]?

by , , and 9 Mins Read

A new workplace right – a ‘right to disconnect’ – has been introduced by the Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024, with effect from 26 August 2024 (or 26 August 2025 for small business employers). On 23 August 2024, a Full Bench of the Fair Work Commission finalized the new “right to disconnect” model term, which will soon be inserted into all modern awards. Whilst we wait for the Fair Work Commission (FWC) to issue its guidance on the new workplace right, here’s what you should know, and what we think you should do to prepare for the introduction of the right to disconnect.

In Cybersecurity, Data and Tech

Australia: Online Safety – Statutory review issues paper and Pilot of Age Assurance Technology

by , and 2 Mins Read

On 29 April 2024, the Department of Infrastructure, Transport, Regional Development, Communications and the Arts opened public consultation as part of the ongoing independent statutory review (“Review”) of the Online Safety Act 2021 (Cth) (“Act”) with the release of an Issues Paper (“Issues Paper”). Public consultation will close on 21 June 2024, with the final report of the Review expected to be provided to Government by 31 October 2024.

In ESG

Australia: Federal budget 2024-25 – Key takeaways for the Energy Transition

by , , , and 9 Mins Read

As Australia transitions to net zero, the 2024-25 Australia federal budget handed down on 14 May 2024 contains significant initiatives relating to renewable energy, hydrogen, critical minerals, green metals, low carbon liquid fuels and clean energy technology, with the AUD 22.7 billion “Future Made in Australia” package as a centerpiece. Through new or additional incentives and other funding, the Australian Government aims to attract investment in key industries for the energy transition and make Australia “a renewable energy superpower” as well as add value to the resources sector, particularly critical minerals, and strengthen economic resilience and security.

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