More disruptive technology can be expected in the banking industry if a government inquiry gets its way.
The Competition Policy Review’s final report recommended the government create an intellectual property regulatory environment that allows for the development of disruptive technology.
The report said the intellectual property review should focus on “competition policy issues in intellectual property arising from new developments in technology and markets”, as well as “the principles underpinning the inclusion of intellectual property provisions on international trade agreements”.
“Disruptive technologies, especially digital technologies, are a pervasive force for change in the Australian economy,” it said. “New technologies foster innovation, which in turn drives growth in living standards.
“Access to and creation of intellectual property (IP) will become increasingly important as Australia moves further into the digital age.”
The report said an appropriate balance must be struck between encouraging widespread adoption of new productivity-enhancing techniques, processes and systems, and fostering ideas and innovation.
“Given the influence of Australia’s IP rights on facilitating (or inhibiting) innovation, competition and trade, the panel believes the IP system should be designed to operate in the best interests of Australians,” it said.
“The panel therefore considers that Australia’s IP rights regime is a priority area for review.”