PRIVACY ACT REVIEW PROPOSALS ARE A REGULATORY OVERREACH: REIA

April 13th,2023

In its feedback to the Attorney General, the Real Estate Institute of Australia (REIA) President, Hayden Groves said that the current proposals in the Privacy Act Review Report will have major implications on the real estate industry for no real gain.

Mr Groves said up to 80 per cent of the 116 recommendations have unique implications for Australian real estate practitioners and agencies given our interactions with vendors, buyers, tenants, investors, and third-party service providers.

“We estimate that up to 65 per cent or around 30,000 real estate businesses would fall within the current exemption with IBIS World identifying the average turnover of a standard real estate practice sitting at around $700,000 per year.

“REIA does not support the exemption for small business being removed and argues that the introduction of this exemption is unlikely to lead to any further beneficial outcomes for consumer protection.

“Real estate businesses provide an essential service to Australia’s renters, investors, homeowners, and home buyers, transacting each year around $350 billion in home sales and collecting $78 billion in rent receipts. This service is delivered by 45,000 small businesses.

“REIA notes the need for absolute transparency and high levels of customer service to Australian property customers but argues that some approaches identified by the Review Report equate to extreme regulatory overreach which will not lead to any greater benefits to consumer privacy,” Mr Groves said.