The Federal Government announced some significant changes in the 2017-18 Budget, affecting a number of sectors.
Open banking to forced data sharing
Attempts to facilitate choice and increase competition in the banking sector has led the Federal Government to reveal a new “open banking” scheme as part of the 2017-18 Budget.
Intended to give consumers great choice and power, the measure will allow customers to request their data to rival financial institutions to determine if they can benefit from better priced products and services.
Third-party comparison sites could also use the data to offer consumers a range of competitive services and products, such as mortgage, savings accounts and credit cards.
Businesses will need to use compliant systems with an API to facilitate data sharing.
In his budget speech, Treasurer, Scott Morrison highlighted the benefits the new measure will bring to consumers.
“This will be a major change in the way Australians use and benefit from their data, and open the way for better services, more choice of providers and lower prices.”
Sport betting ads banned before 8.30pm
In a bid to combat Australia’s gambling problem, the Turnbull government has announced a ban on sports gambling ads from live sporting events on TV and radio.
The ban is part of a major media reform package that includes cuts to broadcast licence fees and abolishing cross media ownership laws.
Broadcasters will be restricted from showing betting ads before 8.30pm and from five minutes prior to five minutes after a match, including live betting updates, on-screen promotions, and sponsorships.
Existing exemptions for horse racing, harness racing and greyhound racing will remain.
Gambling industry estimates indicate that marketing spend within the industry has increased almost three-fold since 2011 to an estimate of $328m in 2015. This has provided some much needed funds for broadcasters, but has also generated grave concerns in the larger community.
The changes aim to combat the country’s existing gambling problems and, according to Communications Minister Mitch Fifield will provide “a clear and practical zone for families and children to watch live sports”.
Next year’s Budget also aims to ease the growing battles of broadcasters in TV and radio by abolishing annual licence fees, to be replaced by spectrum fees based on the station or channel’s reach.