In this the first of 5 conversations with regulators from our 2024 Digital Future Summit, ACCC Chair Gina Cass-Gottlieb tells KWM’s Luke Woodward that consumer trust is the lifeblood of competitive markets for the ACCC. She explains why the ACCC is prioritising consumer trust and fair competition amidst the rise of digital platforms, with a keen eye on long-term market trends. Top takeaways: The ACCC supports the government's review of whether Australian Consumer Law adequately covers new technologies like generative AI. Generative AI could lead to misleading and discriminatory behaviour, which the ACCC must address. The ACCC has built expertise in the digital sector since 2017. This allows it to track key players and trends, focusing on long-term issues rather than short-term distractions. Agility is critical. Businesses quickly adapt their models, and the ACCC must identify potential competition or consumer issues in these changes. Innovation from established digital platforms is welcome – but the ACCC is watching to guard against dominant players limiting rivals' innovation or favouring themselves. The ACCC works with domestic regulators and international competition bodies to share information and monitor developments, like the EU's Digital Services Act and Digital Markets Act.
