The Parliament of Australia approved final passage of the Privacy Legislation Amendment Bill 2022. The bill amends the Privacy Act of 1988 to increase data breach fines to AU$50 million, or penalties based on data monetization and 30% of adjusted quarterly turnover under a new three-factor penalty scheme. Australian Information Commissioner and Privacy Commissioner Angelene Falk said the changes create "closer alignment with competition and consumer remedies" under the EU General Data Protection Regulation and "facilitate engagement with domestic regulators and our international counterparts to help us perform our regulatory role efficiently and effectively."
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