Citation[]
Commonwealth of Australia, National Office for the Information Economy, A Strategic Framework for the Information Economy (Dec. 1998) (not available online).
Overview[]
This report set out the Australian government's strategy for the information economy. The government's policy approach to consumer protection gave preference to industry self-regulation over government intervention. The Australian government gave a number of advantages to self-regulation, including its ability to:
- provide flexibility in promoting "best practice" in industry rather than minimal compliance with legal requirements;
- foster industry innovation;
- be designed for the specific requirements of an industry;
- result in lower compliance costs on business;
- provide quick, low-cost dispute resolution procedures that are favored by both consumers and business; and
- be combined with other forms of regulation, allowing for a mix of regulatory approaches.
Industry, consumers and government working together would develop effective self-regulation.