Regulation Impact Statement – Attorney-General’s Department
On 19 October 2016, the Privacy Amendment (Notifiable Data Breaches) Bill 2016 was introduced in Parliament. The Bill will require individuals to be notified when their private information has been breached. Organisations regulated under the Privacy Act, with turnover above $3 million, will be required to notify individuals of data breaches.
The Attorney‑General’s Department finalised a Regulation Impact Statement, which was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation. As part of developing the Regulation Impact Statement, the Attorney‑General’s Department released an earlier version for consultation on 3 December 2015.
The Regulation Impact Statement estimates the average annual regulatory cost at $6.3 million per year. The OBPR has agreed to the regulatory saving.