As part of the reforms to the Privacy Act 1988 Update on the Australian Privacy Principle Guidelines and Changes to the Privacy Act - Ensuring the fine print is not forgotten, credit reporting in Australia will be regulated by a new Part IIIA of the Privacy Act. This will be accompanied by a new Credit Reporting Code which will replace the existing Credit Reporting Code of Conduct.

This new regime comes into effect on 12 March 2014 with the aim to simplify, clarify and update the current credit reporting provisions.  The new regime will affect most industries.

The Office of the Australian Information Commissioner (Commissioner) is in the process of developing Australian Privacy Principle Guidelines (Guidelines) to accompany the new Australian Privacy Principles (APPs) due to commence on 12 March 2014.  

Most businesses will have standard form policies and procedures relating to privacy.  While these policies can be found on business websites and on documents handed out to customers and clients, they are too often left on the shelf collecting dust.  Invariably, business owners tick the regulatory box with the implementation of a privacy policy, and then continue to focus on the most important part of their business - doing business.