Policies to build a data economy

Australia has a rare opportunity to capture a disproportionately large proportion of emerging data economy, according to Reinventure Group co-founder and managing director Danny Gilligan. But the effort is going to take a top-down, nationally coordinated policy effort to build competitive and exportable regulatory frameworks for data.

Mr Gilligan holds deeply the belief that data is the single biggest lever for delivering microeconomic and social reform in the next two decades and should be made a material part of policy development and trade considerations at all levels of thinking across both government and the private sector.

The potential size of the global data economy is difficult to quantify. There is an ageing McKinsey report that suggests that $3 trillion to $5 trillion in annual value could arise from the use of open data in applications across a variety of sectors.

Regardless of how it is quantified, Mr Gilligan says the data economy will be as substantial as the financial services sector in the next couple of decades.

The trick now is to get the foundational infrastructure in place now that draws a reasonable balance of privacy and the specific data ownership rights of consumers on the one hand, and innovation and the ability to apply algorithmic considerations to data on the other.

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Source: Policies to build a data economy – InnovationsAus.com